Supreme Court of India
Kerala Road Lines v. Commissioner of Income Tax, Cochin
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
For the foregoing reasons, we set aside the order passed by the High Court and restore that of the Tribunal treating the income of Rs.4 lacs as revenue expenditure.
Judgment, page 7
From the headnote
Income Tax Act, 1961: c s. 37 - Business expenditure - Deduction of - Amount of interest paid by assessee on delayed payment of purchase consideration - Pursuant to agreement for purchase of land - HELD: Income Tax Appellate Tribunal rightly held the amount of interest as expenditure u/s 37(1). The assess1~e. pursuant to an agreement for purchase of land, paid an interest of Rs. 4 lacs for delayed payment of purchase consideration. The assessee .... claimed the said amount as revenue expenditure. The assessing authority disallowed the claim holding the payment of interest as capital
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