https://www.taxtmi.com/caselaws?id=29098 The court held that the ship acquired by the assessee-company was considered stock-in-trade and allowed the expenditure on its maintenance as deductions in computing the income of the company. The court referenced relevant tax laws and previous case law to support its decision, ultimately ruling in favor of the assessee on both issues. The Commissioner was directed to pay the costs of the reference to the assessee. en-us Thu, 21 Jan 1982 00:00:00 +0530 Wed, 10 Mar 2010 17:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29098 The court held that the ship acquired by the assessee-company was considered stock-in-trade and allowed the expenditure on its maintenance as deductions in computing the income of the company. The court referenced relevant tax laws and previous case law to support its decision, ultimately ruling in favor of the assessee on both issues. The Commissioner was directed to pay the costs of the reference to the assessee. Case-Laws Income Tax Thu, 21 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29098