https://www.taxtmi.com/caselaws?id=183571 Whether a payment of Rs. 23,200 qualified as a revenue expenditure deductible under section 10(2)(xv) turned on whether it was incurred solely and exclusively for business. The HC applied the statutory test that expenditure must be revenue in nature and necessary for business; factual findings showed no genuine selling agency services, local sales by the assessee, absence of proof of necessity or working-capital need, and linkage of the arrangement to obtaining finance for a partner's obligations. On those facts the Tribunal correctly concluded the payment was not proved to be solely and exclusively for business and the claim was disallowed. en-us Tue, 14 Aug 1962 00:00:00 +0530 Tue, 14 Jun 2016 17:00:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183571 Whether a payment of Rs. 23,200 qualified as a revenue expenditure deductible under section 10(2)(xv) turned on whether it was incurred solely and exclusively for business. The HC applied the statutory test that expenditure must be revenue in nature and necessary for business; factual findings showed no genuine selling agency services, local sales by the assessee, absence of proof of necessity or working-capital need, and linkage of the arrangement to obtaining finance for a partner's obligations. On those facts the Tribunal correctly concluded the payment was not proved to be solely and exclusively for business and the claim was disallowed. Case-Laws Income Tax Tue, 14 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183571