https://www.taxtmi.com/caselaws?id=11227 The Court upheld the disallowance of the deduction for income tax liability paid by the assessee company, ruling that it constituted capital expenditure and was not deductible under the Income Tax Act. The decision was based on the premise that income tax is a personal liability, and the payment made by the assessee as a partner of the dissolved firm was considered part of acquiring the business, thus falling under capital expenditure rather than a deductible expense. The Court referenced relevant case law and statutory provisions to support its ruling. en-us Thu, 22 Jan 2004 00:00:00 +0530 Sun, 02 Aug 2009 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11227 The Court upheld the disallowance of the deduction for income tax liability paid by the assessee company, ruling that it constituted capital expenditure and was not deductible under the Income Tax Act. The decision was based on the premise that income tax is a personal liability, and the payment made by the assessee as a partner of the dissolved firm was considered part of acquiring the business, thus falling under capital expenditure rather than a deductible expense. The Court referenced relevant case law and statutory provisions to support its ruling. Case-Laws Income Tax Thu, 22 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11227