https://www.taxtmi.com/caselaws?id=7808 Income was assessable at the rates in force under the Finance Act, 1955, because a contractual concession in a 1938 agreement could not prevail once the territory became taxable under the Union regime; the earlier decision in the assessee's own case was treated as binding. Legal expenses were disallowed as revenue expenditure because the assessee failed to prove that the was incurred wholly and exclusively for business purposes and that it was not capital in nature. The claim was supported only by vague references to day-to-day legal advice, without material showing the subject-matter, business nexus, or basis of apportionment. en-us Tue, 04 Nov 1969 00:00:00 +0530 Thu, 19 Mar 2009 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7808 Income was assessable at the rates in force under the Finance Act, 1955, because a contractual concession in a 1938 agreement could not prevail once the territory became taxable under the Union regime; the earlier decision in the assessee's own case was treated as binding. Legal expenses were disallowed as revenue expenditure because the assessee failed to prove that the was incurred wholly and exclusively for business purposes and that it was not capital in nature. The claim was supported only by vague references to day-to-day legal advice, without material showing the subject-matter, business nexus, or basis of apportionment. Case-Laws Income Tax Tue, 04 Nov 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7808