Supreme Court · 1967 INSC 67 · Decided 17 March 1967
Commissioner of Income-Tax, Bombay v. M/S. Walchand & CO. (PVT.) LTD., Bombay
- Court
- Supreme Court of India
- Citation
- 1967 INSC 67 · [1967] 3 S.C.R. 214
- Case number
- CIVIL APPEAL No. 279/1966
- Decided
- 17 March 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 10(2)(xv)
Headnote
BOMBAY A v. M/S. WALCHAND & CO. (PVT.) LTD., BOMBAY March 17, 1967 [J. C. SHAH, S. M. SIICRI AND V. RAMASWAMI, JI.] lndia11 Income-tax Act (11 of 1922), ss; 10(2)(xv) and 33(4)­ lncrease in Director's remuneration not reflected in assessee's profiJs-lf .allowable. Appellate increase was not reflected in the increase in the profits of the assessee and wo on 111at account not expenditure laid out wholly and exclusively for the purpoilel of the business under s. 10(2) (xv) of the Income-tax Act. The onl« was modified by the Appellate Tribunal. On reference the
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