Supreme Court of India
Commissioner of Income-tax, Excess Profits Tax, Hyderabad, Andhra Pradesh v. V. Jagan Mohan Rao & Ors.
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From the headnote
Indian Income-tax Act, 1922, s. 34 and s. 10(2) (xv )-Decision of Privy Council settling legal dispute-Whether constitutes 'definite infor mation' within meaning of s. 34--Purchase of mill by assessee-Vendor's sons disputing his right to sell-Assessee paying sons a consolidated sum for release of their claims-Sum so paid whether allowable business expenditure under s. 10(2)(xv). The assessee purchased a spinning mill in 1941 from a vendor claiming to be its sole proprietor. In a suit filed by the venddr's sons the trial court had held that the suit property including the aforesaid spinning
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