UNITED MERCANTILE CO. (P.) LTD. versus COMMISSIONER OF INCOME-TAX
Business Expenses Company does not allow expenditure to be deposited with the Companies on the interest paid to the Directors for the amendment (approval of deposit) of the Indian Companies Rules 1975, which has been applied since 1891975, to be collected before the period of amendment. Prior to the amendment, the accumulated deposit was not included in the interest paid to the directors and shareholders to the extent specified in Section 40A (8) of the Indian Income Tax Act, 1961, of the section 40A (8) of the Indian Companies. Such amendments to the provisions of Section 40A (8) of the Act 1961 cannot be allowed. Act, 1956, Section 588 - Indian Companies (Acceptance of Reserves) Rules, 1975, R2 (b) (ix)
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