1962 (4) TMI 131

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....on which has been referred for the opinion of the court is : "Whether, on a true interpretation of clause (xv) of sub-section (2) of section 10 of the Indian Income Tax Act, the expenditure of Rs. 8,600 was not a permissible deduction ?" The question has arisen in the following circumstances : The assessee which is a public limited company incurred an expenses of Rs. 8,600 as ....

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....rs & Co. In two cases the view taken in those cases has been approved by the House of Lords : Smiths Potato Estates Ltd. v. Bolland and Rushden Heel Co. Ltd. v. Keene. It has been held in both these cases that legal and accountancy expenditure incurred with a view to reduce an assessment cannot be said to have been laid out or expended wholly or exclusively for purposes of the business. In S.D. Sh....