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1 - 10 of 14 (0.21 seconds)The Income Tax Act, 1961
Section 43B in The Income Tax Act, 1961 [Entire Act]
Section 80IB in The Income Tax Act, 1961 [Entire Act]
Section 234D in The Income Tax Act, 1961 [Entire Act]
The Indian Partnership Act, 1932
Section 80 in The Income Tax Act, 1961 [Entire Act]
Indian Commerce And Industries Co. P. ... vs Commissioner Of Income-Tax on 28 March, 1994
been claimed that the assessee has not received any amount out of the entire
due amount till date. Now it is almost a settled law that if the loans and
advances are made during the course of business or on account of commercial
expediency and there is a nexus between the business interests and the
advances made by the assessee then the same is to be treated as revenue
expenditure. Reliance in this respect can be placed on the Hon'ble Madras
High Court's judgment in the case of 'Indian Commerce and Industries Co. P.
Ltd. Vs. CIT' (213 ITR 513), on Hon'ble Supreme Court's judgment in the case
of 'Patnaik & Co. Ltd Vs. CIT' (161 ITR 365), and on Hon'ble jurisdictional
High Court's judgment in the case of 'CIT vs. Investa Industrial Corporation
Ltd.' (119 ITR 360).