Case Name : Sundaram industries ltd. Vs. CIT
Citation : [1998] 147 ctr (mad.) 290
Court : Madras high court
Section : 40
Meaning : Sub-clause (ii) of clause (c) of section 40 of the act employs the expression, ‘any expenditure or allowance in respect of any assets of the company’ and the word ‘allowance’ in the above provision would include statutory allowance.
Case Name : C.W.S. (India) ltd. Vs. CIT
Citation : [1994] 208 itr 649 (sc)
Court : Supreme court
Section : 40
Meaning : The expression ‘allowance’ in section 40(a)(v) and section 40a(5)(a)(ii) takes in depreciation allowance.