https://www.taxtmi.com/caselaws?id=5837 The Supreme Court held that the payment for the purchase of loom hours was revenue expenditure, deductible under Section 10(2)(xv) of the Act. The expenditure enabled the assessee to operate profitably for longer hours, enhancing business operations without acquiring a new asset or enduring benefit in the capital field. Analogies to similar cases supported the conclusion that the expenditure aimed at facilitating daily trading operations and increasing profitability, aligning with revenue nature. The court allowed the appeal, ruling in favor of the assessee and awarding costs throughout. en-us Fri, 09 May 1980 00:00:00 +0530 Fri, 15 May 2026 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5837 The Supreme Court held that the payment for the purchase of loom hours was revenue expenditure, deductible under Section 10(2)(xv) of the Act. The expenditure enabled the assessee to operate profitably for longer hours, enhancing business operations without acquiring a new asset or enduring benefit in the capital field. Analogies to similar cases supported the conclusion that the expenditure aimed at facilitating daily trading operations and increasing profitability, aligning with revenue nature. The court allowed the appeal, ruling in favor of the assessee and awarding costs throughout. Case-Laws Income Tax Fri, 09 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5837