https://www.taxtmi.com/caselaws?id=7885 Expenditure incurred to secure business orders, obtain raw materials, and facilitate the carrying on of the business was treated as revenue in nature because it formed part of the ordinary profit-making process and did not create a new asset or enduring advantage. The fact that some expenses were incurred before incorporation did not alter their character where the promoters' business was taken over by the company and the related receipts were assessed in its hands. A study tour abroad undertaken to acquire technical knowledge in security printing was also regarded as revenue expenditure, as it aimed to improve the conduct of the business rather than acquire a capital asset. The disputed sums were therefore held fully deductible. en-us Wed, 15 Jul 1970 00:00:00 +0530 Mon, 23 Mar 2009 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7885 Expenditure incurred to secure business orders, obtain raw materials, and facilitate the carrying on of the business was treated as revenue in nature because it formed part of the ordinary profit-making process and did not create a new asset or enduring advantage. The fact that some expenses were incurred before incorporation did not alter their character where the promoters' business was taken over by the company and the related receipts were assessed in its hands. A study tour abroad undertaken to acquire technical knowledge in security printing was also regarded as revenue expenditure, as it aimed to improve the conduct of the business rather than acquire a capital asset. The disputed sums were therefore held fully deductible. Case-Laws Income Tax Wed, 15 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7885