India Cements Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1965-12-08 AY: 1950-51 Section: 37, 37(1), 256 Acts: Indian Income Tax Act, 1922 Result: Assessee Citation: (1966) 60 ITR 52 (SC) Justices: K. Subba Rao, J.C. Shah & S.M. Sikri, JJ. Appeal No: Civil Appeal No. 1106 of 1964
Whether expenditure incurred in obtaining a loan is allowable as revenue expenditure under Section 10(2)(xv) of the Indian Income Tax Act, 1922 --- Held Yes.

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