https://www.taxtmi.com/caselaws?id=219309 Where premises are subject to rent control and have been let for a long period, annual letting value must be confined to standard rent, and no notional interest can be added on an alleged interest-free deposit without a factual basis. Disallowance of telephone, telex and fax expenses must be worked out, if at all, on the net outgo after tenant recoveries, subject to verification. A settlement payment made to resolve business-related litigation was treated as commercially expedient and deductible. Expenditure on paintings used to maintain the ambience of a business centre, and software upgrades plus recurring renovation and maintenance costs that did not create an enduring capital asset, were treated as revenue expenditure. en-us Wed, 18 Jul 2012 00:00:00 +0530 Wed, 26 Sep 2012 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219309 Where premises are subject to rent control and have been let for a long period, annual letting value must be confined to standard rent, and no notional interest can be added on an alleged interest-free deposit without a factual basis. Disallowance of telephone, telex and fax expenses must be worked out, if at all, on the net outgo after tenant recoveries, subject to verification. A settlement payment made to resolve business-related litigation was treated as commercially expedient and deductible. Expenditure on paintings used to maintain the ambience of a business centre, and software upgrades plus recurring renovation and maintenance costs that did not create an enduring capital asset, were treated as revenue expenditure. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219309