https://www.taxtmi.com/caselaws?id=189958 Whether legal expenses of Rs. 5,371 paid in connection with partnership dissolution are deductible under section 10(2)(xv) was decided by applying the Supreme Court test that civil litigation costs are deductible when incurred to protect or safeguard business assets; the Tribunal found the Receiver carried on the business to protect assets, expenses were incurred to secure that protection, could not reasonably be apportioned between dissolution and obtaining receivership, and no new capital asset was created. Outcome: the expense is revenue in nature and deductible under section 10(2)(xv). en-us Wed, 15 Sep 1954 00:00:00 +0530 Fri, 27 Jan 2017 17:51:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189958 Whether legal expenses of Rs. 5,371 paid in connection with partnership dissolution are deductible under section 10(2)(xv) was decided by applying the Supreme Court test that civil litigation costs are deductible when incurred to protect or safeguard business assets; the Tribunal found the Receiver carried on the business to protect assets, expenses were incurred to secure that protection, could not reasonably be apportioned between dissolution and obtaining receivership, and no new capital asset was created. Outcome: the expense is revenue in nature and deductible under section 10(2)(xv). Case-Laws Income Tax Wed, 15 Sep 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189958