Bombay Steam Navigation Co. (1953) (P) Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1964-10-21 AY: 1955-56, 1956-57 Section: 36(1)(iii), 37, 37(1), 28(i) Acts: Indian Income Tax Act, 1922 Result: Assessee Citation: (1965) 56 ITR 52 (SC) Justices: K. Subba Rao, J.C. Shah & S.M. Sikri, JJ. Appeal No: Civil Appeals Nos. 1023 & 1024 of 1963
Whether interest paid on unpaid purchase consideration for acquisition of business assets is allowable as deduction under Section 10(2)(iii) or Section 10(2)(xv) of the Indian Income Tax Act, 1922 --- Held: Not allowable under Section 10(2)(iii) but allowable under Section 10(2)(xv) as revenue expenditure.

šŸ”’ Direct Access Blocked

For your security and to prevent unauthorized automated access, individual judgment links cannot be opened directly. Please access this content via Google Search or the TaxPundit Search Portal.

AI Deep Dive
0/5 selected

Membership Required

Unlock official PDFs for all landmark cases.

JOIN NOW āž”
Shopping Cart