Supreme Court of India
Dmai
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the expenditure incurred towards professional charges of the Solicitors firm for the services rendered in connection with the said amalgamation was in the course of carrying on of the assessee’s business and, therefore, deductible as a revenue expenditure.
Judgment, page 2
From the headnote
JUDGMENT: O R R These appeals are preferred against the judgment of the Bombay High Court rejecting an application under Section 256(2) of the Income Tax Act. The revenue had applied for referring the following two questions for the opinion of the High Court: "(i) Whether on the facts and in the circumstances of the case, the Tribunal professional charges paid by the assessee company to its Solicitors for effecting the amalgamation of Nawrosjee Wadia ginning & pressing company with it, was of revenue nature and should be allowed as a deduction in the computation of its total income? (ii)…
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