V.M. SALGOCAR & BROS. (PVT.) LTD versus COMMISSIONER OF INCOME TAX
Business expenses not allowed = Change of law Effective change Company does not receive interest on debit balance in the director's account Company lends interest to the employees director, which interest cannot be obtained in the hands of the directors. This will not be allowed in the company. Assessment of Indian Income Tax Act, 1961, Sections 17 (2) and 40A (5) [CITVVM Salugavacher & Bruce (Pvt) Ltd (1992) 198 ITR 738 reverse]
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