https://www.taxtmi.com/caselaws?id=267780 A statutory contribution directed to a state energy conservation fund was held to have a direct nexus with the assessee's business objects as a State Designated Agency promoting efficient energy use and conservation. Because the payment furthered the assessee's statutory and business functions, it was incurred wholly and exclusively for business purposes. The fact that the fund also served wider public purposes did not change the character of the outlay. The disallowance of the contribution was therefore not sustainable, and the expenditure was allowable as business deduction. en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 14 Nov 2015 12:16:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267780 A statutory contribution directed to a state energy conservation fund was held to have a direct nexus with the assessee's business objects as a State Designated Agency promoting efficient energy use and conservation. Because the payment furthered the assessee's statutory and business functions, it was incurred wholly and exclusively for business purposes. The fact that the fund also served wider public purposes did not change the character of the outlay. The disallowance of the contribution was therefore not sustainable, and the expenditure was allowable as business deduction. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267780