RAMKISHAN SUNDERLAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN this reference under Section 66 (1) of the INdian INcome-tax Act the Tribunal referred to us a number of questions and it will be convenient to take up each question separately.

(2.) THE assessee is a registered firm and runs the New Kanpur Flour Mills. That the firm had extensive business will be evident from the fact that the turnover for the relevant accounting period, 22nd July, 1943, to 22nd June, 1944, was as much as Rs. 15,38,895.

(3.) SECTION 10 (2) of the Act gives a list of the expenses which have to be deducted when computing the profits and gains of the assessee. SECTION 10 (2) (v) provides for deduction of money spent in respect of current repairs to buildings, machinery, plant or furniture and the amount paid on account thereof.