https://www.taxtmi.com/caselaws?id=69578 The Tribunal allowed the appeal and directed the Assessing Officer to grant revenue deduction for the sum of Rs. 88,773 in the assessment year 1985-86. The decision emphasized that the amount was an outlay on revenue account, not capital account, as the beneficiaries took over the business from the trust. The ruling highlighted the importance of analyzing the nature of the outgoing in relation to the revenue or capital account for determining deductibility, particularly in cases where successors inherit businesses or assets. en-us Thu, 27 Jan 1994 00:00:00 +0530 Thu, 07 Apr 2011 17:20:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69578 The Tribunal allowed the appeal and directed the Assessing Officer to grant revenue deduction for the sum of Rs. 88,773 in the assessment year 1985-86. The decision emphasized that the amount was an outlay on revenue account, not capital account, as the beneficiaries took over the business from the trust. The ruling highlighted the importance of analyzing the nature of the outgoing in relation to the revenue or capital account for determining deductibility, particularly in cases where successors inherit businesses or assets. Case-Laws Income Tax Thu, 27 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69578