https://www.taxtmi.com/caselaws?id=36681 Commission paid for borrowing shares and pledging them as security to obtain stay of income-tax recovery was claimed as business expenditure on the footing that it facilitated protection of the assessee's business during pending appeals. The Delhi HC declined to depart from earlier decisions in the assessee's own case on the same point, stressing uniformity and consistency in interpretation of an all-India tax statute. It treated the prior considered view as binding in the absence of overriding reasons to differ, and noted that later statutory provisions allowing similar deductions operated prospectively. The claimed deduction was therefore disallowed. en-us Mon, 12 Nov 1979 00:00:00 +0530 Wed, 24 Mar 2010 10:14:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36681 Commission paid for borrowing shares and pledging them as security to obtain stay of income-tax recovery was claimed as business expenditure on the footing that it facilitated protection of the assessee's business during pending appeals. The Delhi HC declined to depart from earlier decisions in the assessee's own case on the same point, stressing uniformity and consistency in interpretation of an all-India tax statute. It treated the prior considered view as binding in the absence of overriding reasons to differ, and noted that later statutory provisions allowing similar deductions operated prospectively. The claimed deduction was therefore disallowed. Case-Laws Income Tax Mon, 12 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36681