Indore Malwa United Mills Ltd. vs State Of Madhya Pradesh & Ors.

Authority: Supreme Court Date: 1964-10-01 Acts: Indore Industrial Tax Rules, 1927; Indian Income Tax Act (implied reference for principles) Citation: (1965) 55 ITR 736 (SC) Justices: K. Subba Rao, J.C. Shah & S.M. Sikri, JJ. Appeal No: Civil Appeal No. 1013 of 1963
Whether a loss arising from irrecoverable loans advanced by a company to its managing agents, pursuant to authorized investment of surplus funds, constitutes a trading loss deductible in computing business profits under tax rules --- Held Yes.

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