Supreme Court Dismisses Revenue Appeal in Income Tax Business Loss Deduction Case — Established Commercial Practice of Joint Borrowing Allowed Deduction Under Section 10(2)(xv) of Indian Income Tax Act, 1922. Co-Borrower's Default Loss Held Deductible Where Mutuality and Established Commercial Practice of Joint and Several Liability Borrowing Existed, Applying Commissioner of Income Tax v. Ramaswami Chettiar....
The Supreme Court heard an appeal by special leave filed by the Commissioner of Income-tax against a judgment of the Bombay High Court in an income tax reference. The respondent assessee was a registe...
