Commissioner Of Income Tax vs Cheran Transport Corporation Ltd.

Authority: High Court Date: 1995-08-03 AY: 1974-75, 1975-76, 1976-77, 1977-78, 1978-79 Section: 37(1) Acts: Income Tax Act 1961, Tamil Nadu Stage Carriages and Contract Carriages (Acquisition) Act 1973 Result: Assessee Citation: (1996) 134 CTR (Mad) 466 : (1996) 219 ITR 203 (Mad) : (1996) 88 TAXMAN 228 Justices: Abdul Hadi & Venkatachalam, JJ. Appeal No: Tax Cases Nos. 958 to 963 of 1984 & 226 of 1986
Whether interest payable on compensation due to former owners of a nationalized transport undertaking is allowable as revenue expenditure under Section 37(1) of the Income Tax Act 1961 --- Held Yes. Whether payments to Flag Day Fund and Chief Minister's Rehabilitation Fund under government directions are allowable as business expenditure --- Held Yes, as they were voluntary and not opposed to public policy.

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