Supreme Court · 1997 INSC 257 · Decided 11 March 1997
M/S. East India Pharmaceutical Works LTD. v. Commissioner of Income Tax, West Bengal
- Court
- Supreme Court of India
- Citation
- 1997 INSC 257 · [1997] 2 S.C.R. 945
- Case number
- CIVIL APPEAL No. 1803/1981
- Decided
- 11 March 1997
- Bench
- S.C. AGRAWAL, G.B. PATTANAIK (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37, 37(1)
Headnote
B Income Tax Act, 1961 : Section 37( 1). Income ta.>:-Business expenditure--AY 1972-73--Assessee paid interest on overdraft amount for payment of income tax-Assessee claiined such C interest as an allowable deductfon-Assessee contended that the entire profits, which far exceeded the income tax tax was paid out of the overdraft account-'-/(\ shbu/d be presumed to have been paid really out of the profits-Co~sequen.t7y, the interest paid on the overdraft amount should be allowed as a deduc­ tion-Held : High Court rightly held such interest to be not ·~n allowable D '
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