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COMMISSIONER OF INCOME-TAX versus KHAIRPUR TEXTILE MILLS LTD

Sections 10 (2) (iii) and (xvi) are an integral part of the process of making profit on the interest paid by the buyer of an industrial concern to the seller at an unreasonable price as it relates to doing business or running. Section 10 (2) (xvi) meets the test set out in the section l0 (2) (xvi) to bring the case. Assisi was running the business and deserving of a fair profit and suffered losses before executing the sale. The proceedings that went into effect after the sale agreement was executed claimed the interest on the unpaid balance because the expenses incurred in the subsequent charge years were not for the acquisition of any property, such expenses. The business was as close as it could be. Seen as an integral part of conducting business and satisfying the test to bring it into the four corners of section 10 (2) (xvi) as the cost of taxation is fully and exclusively for the purpose of doing business. lawer from fb area from Turbat lawyer

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