https://www.taxtmi.com/caselaws?id=180295 Business expenditure is deductible only where the assessee is actually carrying on a business and the outlay is incurred wholly and exclusively for that business. Where the assessee's sole manufacturing and selling activity had ended on expiry of the lease and sale of stock, expenditure incurred afterwards for retaining staff and making deferred payments to cane growers related only to past liabilities, not to a business then in operation. A temporary lull or a possible future business was not established. The expenditure was therefore not allowable under section 10(2)(xv), and the reference was answered against the assessee. en-us Wed, 22 Oct 1952 00:00:00 +0530 Sat, 19 Mar 2016 18:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180295 Business expenditure is deductible only where the assessee is actually carrying on a business and the outlay is incurred wholly and exclusively for that business. Where the assessee's sole manufacturing and selling activity had ended on expiry of the lease and sale of stock, expenditure incurred afterwards for retaining staff and making deferred payments to cane growers related only to past liabilities, not to a business then in operation. A temporary lull or a possible future business was not established. The expenditure was therefore not allowable under section 10(2)(xv), and the reference was answered against the assessee. Case-Laws Income Tax Wed, 22 Oct 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180295