Supreme Court · 1996 INSC 501 · Decided 10 April 1996
M/S. Waterfall Estates LTD., Madras v. The Commissioner of Income-Tax, Tamil Nadu I, Madras
- Court
- Supreme Court of India
- Citation
- 1996 INSC 501 · [1996] SUPP. 1 S.C.R. 141
- Case number
- CIVIL APPEAL No. 6108/1983
- Decided
- 10 April 1996
- Bench
- B.P. JEEVAN REDDY, S. SAGHIR AHMAD (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28, 37(1), 256(1)
Headnote
Income Tax Act, 1961: Sections 28 and 37(1). A B lnconie Tax-Assessnient year 1964-6~Business expenditure-- C Managing agency commission-Apportioning of between three categ01ies of income-Wlwlly taxable, pa1tially taxable (from tea estates) and wholly ex­ empted (from coffee estates )-In year 1968-69-Assessee deducted managing agency commission from total income-Held : Income Tax Appellate Tiibunal rightly held managing agency commission not an allowable deduc- D tio1t--1he Tribunal was justified in directing allocation of managing agency comn1ission to each
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