https://www.taxtmi.com/caselaws?id=254181 Expenditure attributable to guest house accommodation, including rent, repairs and depreciation, is not deductible under the statutory scheme of sections 30, 32 and 37 because such outgo is specifically excluded from business deduction. Expenditure incurred for issuing convertible debentures is treated as capital in nature where the transaction results in conversion into equity and an enduring advantage through enlargement of the capital structure. The document therefore reflects a mixed legal position: guest house-related was disallowed as revenue deduction, while debenture-issue expenditure was characterised as capital expenditure. en-us Wed, 03 Dec 2014 00:00:00 +0530 Sat, 13 Dec 2014 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254181 Expenditure attributable to guest house accommodation, including rent, repairs and depreciation, is not deductible under the statutory scheme of sections 30, 32 and 37 because such outgo is specifically excluded from business deduction. Expenditure incurred for issuing convertible debentures is treated as capital in nature where the transaction results in conversion into equity and an enduring advantage through enlargement of the capital structure. The document therefore reflects a mixed legal position: guest house-related was disallowed as revenue deduction, while debenture-issue expenditure was characterised as capital expenditure. Case-Laws Income Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254181