Supreme Court · 1978 INSC 193 · Decided 4 October 1978
Commissioner of Income Tax, West Bengal Iii, Calcutta v. Rajendra Prasad Moody, Calcutta ETC.
- Court
- Supreme Court of India
- Citation
- 1978 INSC 193 · [1979] 1 S.C.R. 1047
- Case number
- TAX REFERENCE CASE No. 1/1971
- Decided
- 4 October 1978
- Bench
- P.N. BHAGWATI, V.D. TULZAPURKAR, R.S. PATHAK (3-judge bench)
- Outcome
- Reference answered
- Case type
- Tax
- Acts & sections cited
- Income Tax Act Section 57(iii), 257
Headnote
TAX, WEST BENGAL III, A CALCUTTA v. RAJENDRA PRASAD MOODY, CALCUTTA ETC. October 4, 1978 [P. N. BHAGWATI, V. 0. TuLZAPURKAR AND R. S. PATHAK, JJ.J Allowable expenditur~Whether interests on monies borrowed for invest­ ment in shares is allowable expenditure, when the shares have· not and each of them had borrowed monies for the purpose of making investments in shares of certain companies and during the assessment year 1965-66 for which the relevant account.. ing year ended on 10th April 1965, each of the two assessees paid interest on the monies borrowed but did not
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