https://www.taxtmi.com/caselaws?id=24655 Stock written off was not allowable where the loss arose from violation of law and lawful confiscation of the goods, so the claim failed. Contribution to a welfare fund was also held not deductible under section 37(1), following binding precedent on business expenditure. On the computation under section 40(b), interest due from partners to the firm could be set off against interest paid or payable to the partners, and the disallowance had to be worked accordingly. The first two issues were decided for the Revenue and the third for the assessee. en-us Thu, 26 Nov 1987 00:00:00 +0530 Thu, 21 Jan 2010 15:07:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24655 Stock written off was not allowable where the loss arose from violation of law and lawful confiscation of the goods, so the claim failed. Contribution to a welfare fund was also held not deductible under section 37(1), following binding precedent on business expenditure. On the computation under section 40(b), interest due from partners to the firm could be set off against interest paid or payable to the partners, and the disallowance had to be worked accordingly. The first two issues were decided for the Revenue and the third for the assessee. Case-Laws Income Tax Thu, 26 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24655