https://www.taxtmi.com/caselaws?id=189958 Legal expenses incurred in partnership dissolution litigation were treated as revenue expenditure where the proceedings were incidental to the business and aimed at protecting existing assets through appointment of a receiver. Deductibility turned on the nature and purpose of the litigation in relation to the business, not on the ultimate outcome of the suit. Because the expenses were connected with continuing business operations, safeguarding assets, and completing unfinished transactions, and were not incurred to acquire a new capital asset, they were allowable as a deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922. 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 Legal expenses incurred in partnership dissolution litigation were treated as revenue expenditure where the proceedings were incidental to the business and aimed at protecting existing assets through appointment of a receiver. Deductibility turned on the nature and purpose of the litigation in relation to the business, not on the ultimate outcome of the suit. Because the expenses were connected with continuing business operations, safeguarding assets, and completing unfinished transactions, and were not incurred to acquire a new capital asset, they were allowable as a deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 15 Sep 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189958