https://www.taxtmi.com/caselaws?id=7732 Payment made to terminate finance agreements and remove recurring trading liabilities was treated as revenue expenditure because it freed the business from burdens affecting its operations and did not secure a capital asset or enduring capital benefit. Deduction, however, was confined to the instalments actually paid in the relevant years, rather than the full contingent sum. Legal expenses connected with the suit, compromise, and related finance arrangements were also held deductible as revenue expenditure, as they formed part of the same business settlement. en-us Tue, 20 Jan 1970 00:00:00 +0530 Wed, 18 Mar 2009 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7732 Payment made to terminate finance agreements and remove recurring trading liabilities was treated as revenue expenditure because it freed the business from burdens affecting its operations and did not secure a capital asset or enduring capital benefit. Deduction, however, was confined to the instalments actually paid in the relevant years, rather than the full contingent sum. Legal expenses connected with the suit, compromise, and related finance arrangements were also held deductible as revenue expenditure, as they formed part of the same business settlement. Case-Laws Income Tax Tue, 20 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7732