Supreme Court of India
Dharamvir Dhir. v. The Commissioner of Income-tax, Bihar & Orissa
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From the headnote
Income-tax-Deductions-Expenditure iticurred for purpose of trade-Assessee paying share of profits in return of advance made Whether allowable deduction-Indian Income-tax Act, I922 (II of z922), ss. IO (2)(iii) and zo(2)(xv). The assessee entered into a contract for working certain collieries. As he did not have the requisite funds, he entered into an agreement with M whereunder M was to advance a sum upto Rs. rt lacs, but could withdraw the money at any time and stop further advances and was not liable for any losses; the assessee was to pay interest on the advances at 6% per annum in
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