MANU/SC/0093/1968

IN THE SUPREME COURT OF INDIA

Decided On: 03.09.1968

Appellants: Lakshmiratan Cotton Mills Co. Ltd.
Vs.
Respondent: Commissioner of Income-tax, Uttar Pradesh

JUDGMENT

Shah J.

1. In proceedings for assessment of tax for the year 1945-46 the Lakshmiratan Cotton Mills-hereinafter called "the company" - claimed allowance under section 10(2)(xv) of the Indian Income-tax Act, 1922, of Rs. 18,90,000 paid by it as compensation for termination of the managing agency of the firm, Beharilal Kailashpat, and Rs. 13,300 incurred as expenditure in respect of arbitration proceedings in connection with the determination of the compens

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