Meaning of “Allowance”

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.

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