https://www.taxtmi.com/caselaws?id=181813 Legal expenses incurred to defend litigation for the preservation of rights in shares held as an income-yielding capital asset were treated as deductible. The decisive test was the purpose of the outlay: expenditure reasonably and honestly incurred to protect business interests or preserve an income-producing asset retains its allowable character, even though the underlying shares are capital in nature. On that basis, the litigation cost connected with protecting the shareholder's interest in the shares was allowed as a revenue deduction. en-us Tue, 20 Dec 1988 00:00:00 +0530 Mon, 25 Apr 2016 16:43:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181813 Legal expenses incurred to defend litigation for the preservation of rights in shares held as an income-yielding capital asset were treated as deductible. The decisive test was the purpose of the outlay: expenditure reasonably and honestly incurred to protect business interests or preserve an income-producing asset retains its allowable character, even though the underlying shares are capital in nature. On that basis, the litigation cost connected with protecting the shareholder's interest in the shares was allowed as a revenue deduction. Case-Laws Income Tax Tue, 20 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181813