Section 10(2)(xv) [Indian Income-tax Act, 1922]

Section 10(2)(xv) [Indian Income-tax Act, 1922] — the law in short

What the courts have decided on section 10(2)(xv) [Indian Income-tax Act, 1922], in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

• Sassoon J. David & Co P Ltd v CIT Supreme CourtHelps taxpayer
  The AO says the payment mainly benefited someone else. Does that destroy my business expenditure claim?
  No. 'Wholly and exclusively' does not mean 'necessarily', and the fact that somebody other than the assessee is also benefited does not come in the way of the deduction if the expenditure otherwise satisfies the test laid down by law. It is ordinarily for the assessee to decide whether an expenditure should be incurred in the course of its business.

Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.