https://www.taxtmi.com/article/detailed?id=833 Residuary deduction under Section 37 requires that an expenditure not fall under sections 30-36, not be capital in nature, be incurred in the previous year, relate to business carried on by the assessee, and be expended wholly and exclusively for that business; expenditures for illegal or prohibited purposes are excluded. The decisive classification question is whether an outlay is capital-acquiring or improving long term assets and capitalised-or revenue-routine, recurring business expenses charged to profit and loss. en-us Mon, 21 Jun 2010 12:06:15 +0530 Mon, 21 Jun 2010 15:49:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=833 Residuary deduction under Section 37 requires that an expenditure not fall under sections 30-36, not be capital in nature, be incurred in the previous year, relate to business carried on by the assessee, and be expended wholly and exclusively for that business; expenditures for illegal or prohibited purposes are excluded. The decisive classification question is whether an outlay is capital-acquiring or improving long term assets and capitalised-or revenue-routine, recurring business expenses charged to profit and loss. Articles Income Tax Mon, 21 Jun 2010 12:06:15 +0530 https://www.taxtmi.com/article/detailed?id=833