AIR 1979 SUPREME COURT 1441 ::1979 TAX. L. R. 1078 ::1979 SCC(Tax) 232 ::(1979) 4 Tax Law Rev 149 (SC) ::1979 (3) SCC 524 ::1979 UJ(SC) 566 ::(1979) 10 Cur Tax Rep 383 (SC) ::(1979) 118 ITR 261 ::(1979) 3 SCR 878 (SC) ::1979 UPTC 1153 ::(1979) 1 Taxman 485 (SC) ::(1979) 3 SCWR 1

Supreme Court Of India

(From: Bombay)*

Hon'ble Judge(s): N. L. Untwalia, E. S. Venkataramiah , JJ

Income-Tax Act (11 of 1922) , S.10(2)(xv)— Business expenditure - Tests - "Wholly and exclusively used" - Meaning - Remuneration to employees - Investment company (assessee) - Sale of all its shares - Termination of services of all employees - Retrenchment compensation - Annuity paid by way of compensation to ex-director - Expenditure held "business expenditure" and allowable under S. 10 (2) (xv). (1972) 85 ITR 83 (Bom) and (1975) 98 ITR 50 (Bom), Reversed. (Para 14 18 20 21 22 23)