Jeewanlal (1929) Ltd. vs Commissioner Of Income Tax

Authority: High Court Date: 1964-08-18 AY: 1952-53 Section: 37, 37(1) Acts: Income Tax Act 1922 Result: Revenue Citation: (1965) 57 ITR 132 (CAL) Justices: S.P. Mitra & S.A. Masud, JJ. Appeal No: IT Ref. No. 110 of 1961
Whether expenditure incurred for securing loan under overdraft account is to be treated as revenue or capital expenditure --- Held No, it is capital expenditure.

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