MANU/SC/0090/1968

IN THE SUPREME COURT OF INDIA

Decided On: 25.07.1968

Appellants: Jeewanlal (1929) Ltd.
Vs.
Respondent: Commissioner of Income-tax, West Bengal II

JUDGMENT

Shah, J.

1. The appellant-company started negotiations with a bank for securing overdraft facilities for the purpose of its business and in that connection had to incur an expenditure of Rs. 35,800. The amount so spent was claimed by the appellant company as a permissible deduction in proceedings for assessment of income-tax for the year 1952-53. The departmental authorities rejected the claim for allowance of the amount and the Tribunal confirmed that or

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