Supreme Court · 1975 INSC 200 · Decided 4 September 1975
J. K. Cotton Manufacturers LTD. v. The Commlssloner of Income Tax, Lucknow
- Court
- Supreme Court of India
- Citation
- 1975 INSC 200 · [1976] 1 S.C.R. 648
- Case number
- CIVIL APPEAL No. 2203/1970
- Decided
- 4 September 1975
- Bench
- HANS RAJ KHANNA, V.R. KRISHNA IYER, A.C. GUPTA, S. MURTAZA FAZAL ALI (4-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37(1)
Headnote
. lnccrne~tax Act (11 of 1922) s. 10(2) (Xl')-Scdpe of-Payn1ent to. nianag- 1ng agent of co1npe11sation fo'r tcr111i11ati11g n1anogi11g agency-Whether capital or revenue expenditure. An: analysis of s. 10(2){xv). of tM Income-tax Act, 1922, shows that in order to be a deductible expenditure (i) that it must be laid out wholly and exclusivel:Y for the purpose of the· business, profession or vocation; and (ii) that i_t should not b~ an expenditure of a capitnl nature. Both these conditions have to be complied with before an· ass&see can claim deduction under
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)