https://www.taxtmi.com/caselaws?id=38005 The High Court determined that the income derived by the assessee-company was assessable as business income, as the company was engaged in continuous activities related to the construction and financing of railways. The expenses claimed by the company were found to be deductible as they were laid out wholly and exclusively for the purpose of earning income. The Court ruled in favor of the assessee, affirming the Tribunal's decision and awarding costs of the reference to the assessee. en-us Thu, 24 Nov 1977 00:00:00 +0530 Fri, 02 Apr 2010 15:15:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38005 The High Court determined that the income derived by the assessee-company was assessable as business income, as the company was engaged in continuous activities related to the construction and financing of railways. The expenses claimed by the company were found to be deductible as they were laid out wholly and exclusively for the purpose of earning income. The Court ruled in favor of the assessee, affirming the Tribunal's decision and awarding costs of the reference to the assessee. Case-Laws Income Tax Thu, 24 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38005