https://www.taxtmi.com/caselaws?id=295907 The High Court of Calcutta upheld the Tribunal's decision that the expenditure incurred for amalgamation was of a capital nature, not deductible as a business expense. Additionally, the court ruled that surtax liability was not allowable as a deduction in income-tax assessment, following the precedent set by the Molins of India Ltd. case. The judgment favored the revenue on both issues, with no order as to costs for the relevant assessment year 1978-79. en-us Thu, 18 Jan 1990 00:00:00 +0530 Thu, 24 Jun 2021 11:53:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295907 The High Court of Calcutta upheld the Tribunal's decision that the expenditure incurred for amalgamation was of a capital nature, not deductible as a business expense. Additionally, the court ruled that surtax liability was not allowable as a deduction in income-tax assessment, following the precedent set by the Molins of India Ltd. case. The judgment favored the revenue on both issues, with no order as to costs for the relevant assessment year 1978-79. Case-Laws Income Tax Thu, 18 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295907