https://www.taxtmi.com/caselaws?id=179770 Foreign tour expenditure by a director was held disallowable because the assessee produced no material showing the purpose, scope or business necessity of the travel, and the statutory test of exclusive business use was not met. The receipt from sale of a licence was held not to be a casual receipt, as it arose from a business-linked capital asset and was not shown to be a mere windfall or non-recurring gain. It was also held taxable as capital gains rather than business income, since the licence constituted a capital asset and the record did not establish prior accrual of trading profit. en-us Mon, 21 Mar 1960 00:00:00 +0530 Wed, 09 Mar 2016 16:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179770 Foreign tour expenditure by a director was held disallowable because the assessee produced no material showing the purpose, scope or business necessity of the travel, and the statutory test of exclusive business use was not met. The receipt from sale of a licence was held not to be a casual receipt, as it arose from a business-linked capital asset and was not shown to be a mere windfall or non-recurring gain. It was also held taxable as capital gains rather than business income, since the licence constituted a capital asset and the record did not establish prior accrual of trading profit. Case-Laws Income Tax Mon, 21 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179770