https://www.taxtmi.com/caselaws?id=6303 Payments made under a verbal arrangement to secure coal shipments and restrain a rival exporter from competing in the Burma trade were revenue in character because they were incurred in the ordinary course of trading. The assistance element was treated as business expenditure, and the restraint arrangement did not create any capital asset or enduring advantage: it was terminable at will, linked to shipments, and produced only a transitory trading benefit. The expenditure was therefore allowable as a business deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922, and the reference was answered in favour of the assessee. en-us Thu, 14 Oct 1971 00:00:00 +0530 Wed, 03 Dec 2008 23:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6303 Payments made under a verbal arrangement to secure coal shipments and restrain a rival exporter from competing in the Burma trade were revenue in character because they were incurred in the ordinary course of trading. The assistance element was treated as business expenditure, and the restraint arrangement did not create any capital asset or enduring advantage: it was terminable at will, linked to shipments, and produced only a transitory trading benefit. The expenditure was therefore allowable as a business deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922, and the reference was answered in favour of the assessee. Case-Laws Income Tax Thu, 14 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6303