https://www.taxtmi.com/caselaws?id=36663 The Court allowed the deduction for the payment to retiring directors based on commercial expediency but denied the deductibility of the liability arising in the relevant accounting year. The judgment emphasizes the significance of timing and purpose in determining the deductibility of expenses in business transactions. en-us Thu, 07 Feb 1980 00:00:00 +0530 Tue, 23 Mar 2010 17:23:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36663 The Court allowed the deduction for the payment to retiring directors based on commercial expediency but denied the deductibility of the liability arising in the relevant accounting year. The judgment emphasizes the significance of timing and purpose in determining the deductibility of expenses in business transactions. Case-Laws Income Tax Thu, 07 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36663