https://www.taxtmi.com/caselaws?id=331174 The court partly allowed the appeal. It ruled in favor of the Revenue, determining that the payment of Rs. 1.35 crores to Andhra Bank was not an allowable business expenditure as it was not directly related to the assessee's business operations but rather a capital expenditure related to acquiring Andhra Cements Ltd. However, the court ruled in favor of the assessee regarding the deduction of club subscription charges for its executives, affirming that such expenses were allowable deductions for business purposes. en-us Fri, 13 May 2016 00:00:00 +0530 Tue, 16 Aug 2016 11:18:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331174 The court partly allowed the appeal. It ruled in favor of the Revenue, determining that the payment of Rs. 1.35 crores to Andhra Bank was not an allowable business expenditure as it was not directly related to the assessee's business operations but rather a capital expenditure related to acquiring Andhra Cements Ltd. However, the court ruled in favor of the assessee regarding the deduction of club subscription charges for its executives, affirming that such expenses were allowable deductions for business purposes. Case-Laws Income Tax Fri, 13 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331174