https://www.taxtmi.com/caselaws?id=175611 Expenditure paid under an agreement to keep a competing interest out of the assessee's business area was treated as revenue outlay, not capital or personal expenditure, because no business asset was acquired and the payment was made wholly and exclusively for business purposes. The text states that the amount was therefore deductible under Section 10(2)(xv) of the Income-tax Act, 1922. en-us Tue, 16 Jan 1951 00:00:00 +0530 Sat, 28 Nov 2015 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175611 Expenditure paid under an agreement to keep a competing interest out of the assessee's business area was treated as revenue outlay, not capital or personal expenditure, because no business asset was acquired and the payment was made wholly and exclusively for business purposes. The text states that the amount was therefore deductible under Section 10(2)(xv) of the Income-tax Act, 1922. Case-Laws Income Tax Tue, 16 Jan 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175611