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of <h1>Supreme Court defines expenditure as money paid out irretrievably under Income-tax Act interpretation</h1> Expenditure is defined as the act of disbursing or consuming money or property. Legal dictionaries describe it as any laying out or disbursement of money, with meaning governed by context. The Supreme Court, interpreting the Income-tax Act, defined expenditure as money 'paid out or away' that is 'gone irretrievably,' emphasizing the primary meaning of spending as parting with money permanently. The term encompasses both the act of expending and that which is expended, often connoting consumption of property.
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