1972 (1) TMI 10

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....red firm called General Swadesi Stores, and for the assessment years 1958-59, 1959-60 and 1960-61, he derived share income of Rs. 18,313, Rs. 24,991 and Rs. 26,677, respectively. From the share income received by him, the assessee claimed as deduction under section 10(2)(xv) of the Income-tax Act, 1922, the salary which he has paid to one Mr. Dalmia, said to have been appointed by him for looking ....

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.... Income-tax that the assessee is entitled to claim deduction under section 10(2)(xv) in his individual assessment, even though the share income has been arrived at after giving deductions under section 23(5)(a). The Tribunal also gave a specified finding that Mr. Dalmia was rendering service only to the assessee by looking after his interests in the firm of General Swadesi Stores in which the asse....