https://www.taxtmi.com/caselaws?id=9291 A shareholder could not deduct amounts paid to other directors where the underlying loss belonged to the company and not to him personally. The court held that the payment was not expenditure incurred for the shareholder's own business, nor an amount laid out to facilitate any business belonging to him under the Indian Income-tax Act, 1922. It was also not shown that the payment was made to earn dividends or directors' fees, or that such income would have been withheld absent the payment. The deduction claim under sections 10(1), 10(2)(xv), and 12 therefore failed. en-us Thu, 04 Jan 1973 00:00:00 +0530 Sun, 21 Jun 2009 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9291 A shareholder could not deduct amounts paid to other directors where the underlying loss belonged to the company and not to him personally. The court held that the payment was not expenditure incurred for the shareholder's own business, nor an amount laid out to facilitate any business belonging to him under the Indian Income-tax Act, 1922. It was also not shown that the payment was made to earn dividends or directors' fees, or that such income would have been withheld absent the payment. The deduction claim under sections 10(1), 10(2)(xv), and 12 therefore failed. Case-Laws Income Tax Thu, 04 Jan 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9291