https://www.taxtmi.com/caselaws?id=175612 Payments made to eliminate competition in procuring timber were treated as revenue expenditure because they were incurred to secure trading stock for the assessee's business at an advantageous price and did not create an asset of enduring character. The deduction was therefore allowable in computing business income. On the transport business issue, the Tribunal's estimate of profits was supported by the material on record; minor errors in the figures did not displace the overall basis for the addition, which remained justified on the assessee's prior returns and the effective number of buses. en-us Fri, 04 Jun 1965 00:00:00 +0530 Mon, 30 Nov 2015 09:59:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175612 Payments made to eliminate competition in procuring timber were treated as revenue expenditure because they were incurred to secure trading stock for the assessee's business at an advantageous price and did not create an asset of enduring character. The deduction was therefore allowable in computing business income. On the transport business issue, the Tribunal's estimate of profits was supported by the material on record; minor errors in the figures did not displace the overall basis for the addition, which remained justified on the assessee's prior returns and the effective number of buses. Case-Laws Income Tax Fri, 04 Jun 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175612