Supreme Court · 1965 INSC 284 · Decided 8 December 1965
India Cements LTD., Madras v. Commissioner of Income-Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1965 INSC 284 · [1966] 2 S.C.R. 944
- Case number
- CIVIL APPEAL No. 1106/1964
- Decided
- 8 December 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xv)
Headnote
LTD., MADRAS v. COMMISSIONER OF INCOME-TAX, MADRAS December 8, 1965 (K. SUBBA RAO, J. C. SHAH AND S. M. SIKRI, JJ.J Indian Income-tax Act, 1922, s. 10(2) (xv)--cLoan obtained by com· pany-Stamp duty and other exp.enditure incurred in obtaining the Joan-Whether· capital or Industrial Finance Corporation of India. The loan was secured by a charge on the fixed assets of the company. A sum of Rs. 84,633 was shown in the Balance Sheet for the said accounting year as mortgage loan expenses; the sum was not cha-rged as expenditure in the pro.fit and loss account. In the
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