COMMISSIONER OF INCOME TAX Vs. BHARAT LINES LIMITED

JUDGEMENT

(1.) THIS is a reference made by the Commissioner of Income -tax under section 256(1) of the Income -tax Act, 1961. The assessee is a shipping company. The year of assessment is 1968 -69, for which the previous year ended on December 31, 1967.

(2.) THE question referred to us reads as under :

(3.) THE Income -tax Officer disallowed the exchange loss but allowed deduction claims for brokerage and travelling allowance expenses.