Commissioner Of Income Tax vs Associated Cement Companies Ltd.

Authority: Supreme Court Date: 1988-05-04 AY: 1959-60 Section: 37(1) Acts: Indian Income Tax Act, 1922 (Section 10(2)(xv), Section 66(1), Section 66A(2)) Result: Assessee Citation: (1988) 70 CTR (SC) 28 : (1988) 172 ITR 257 (SC) : (1988) 38 TAXMAN 110 A Justices: R.S. Pathak, C.J. & M.H. Kania, J. Appeal No: Civil Appeal No. 512 of 1975
Whether expenditure incurred by a company on laying water pipelines (which became municipal property) to secure immunity from municipal taxes for 15 years is capital or revenue expenditure --- Held: Revenue expenditure, deductible under Section 10(2)(xv) of the Indian Income Tax Act, 1922.

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