Supreme Court · 1993 INSC 340 · Decided 15 October 1993
The C.L.T., Gujarat-I, Ahmedabad v. The Ahmedabad Cotton MFG. CO. LTD. & ORS.
- Court
- Supreme Court of India
- Citation
- 1993 INSC 340 · [1993] SUPP. 3 S.C.R. 392
- Case number
- CIVIL APPEAL No. 2123/1977
- Decided
- 15 October 1993
- Bench
- B.P. JEEVAN REDDY, N. VENKATACHALA (2-judge bench)
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 256(1), 37
Headnote
GUJARAT-I, AHMEDABAD v. THE AHMEDABAD COTTON MFG. CO. LTD. & ORS. OCTOBER 15, 1993 B [B.P. JEEVAN REDDY AND N. VENKATACHALA, JJ.) Inc01rie Tax Act, 1961 : Section 37. Business expenditure-Company-Payment made to Textile Commis- C sioner, in exercise of option under Clause 21-c( l)(b) of for not fulfilment of export obliga­ tion-Nature of-Held business expenditure-And not penalty. D E F A Textile Mill was being run by the assessee-Company, (In C.A. No. 2149of1977), during the accounting year 1971-72 previous to the Assess­ ment Year 1972-73. The assessee, being a
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