Supreme Court · 1961 INSC 337 · Decided 5 December 1961
Dharamvir DHIR. v. The Commissioner of Income-Tax, Bihar & Orissa
- Court
- Supreme Court of India
- Citation
- 1961 INSC 337 · [1961] 3 S.C.R. 359
- Case number
- CIVIL APPEAL No. 448/1959
- Decided
- 5 December 1961
- Bench
- J.L. KAPUR, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xv), 66(2)
Headnote
SUPREME COURT REPORTS 359 DHARAMVIR DHIR. v. THE COMMISSIONER OF INCOME-TAX, BIHAR & ORISSA (J. L. KAPUR, M. HIDAYATULLAH and J.C. SHAH, JJ.) Income-tax-Deductions-Expenditure iticurred for purpose of trade-Assessee paying share of profits in return of advance made­ Whether allowable into an agreement with M whereunder M was to advance a sum upto Rs. rt lacs, but could withdraw the money at any time and stop further advances and was not liable for any losses; the assessee was to pay interest on the advances at 6% per annum in addition to a sum equivalent to II/16th of the
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