https://www.taxtmi.com/caselaws?id=6715 Expenditure incurred on stamps and registration charges for obtaining or renewing overdraft facilities was treated as revenue expenditure, because it was paid to secure the use of money for business purposes and did not create an enduring asset. The distinction between initial procurement of the facility and its renewal was held to be immaterial where the outgoing merely facilitated short-term borrowing. In the absence of any express prohibition, such business expenditure was deductible in computing taxable income, and it was not to be regarded as capital outlay. en-us Tue, 09 Aug 1966 00:00:00 +0530 Sun, 01 Feb 2009 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6715 Expenditure incurred on stamps and registration charges for obtaining or renewing overdraft facilities was treated as revenue expenditure, because it was paid to secure the use of money for business purposes and did not create an enduring asset. The distinction between initial procurement of the facility and its renewal was held to be immaterial where the outgoing merely facilitated short-term borrowing. In the absence of any express prohibition, such business expenditure was deductible in computing taxable income, and it was not to be regarded as capital outlay. Case-Laws Income Tax Tue, 09 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6715