https://www.taxtmi.com/caselaws?id=7974 Litigation expenditure incurred to contest outgoing partners' claims over retirement, asset valuation and account adjustment was held not to be laid out wholly and exclusively for carrying on the firm's business. Because the expenditure related to the settlement of inter se partnership rights and the ascertainment of assets and liabilities, it was treated as going to the framework of the business rather than its day-to-day conduct. It was therefore characterised as capital expenditure and disallowed as a revenue deduction under the Indian Income-tax Act, 1922. en-us Fri, 18 Jul 1969 00:00:00 +0530 Thu, 26 Mar 2009 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7974 Litigation expenditure incurred to contest outgoing partners' claims over retirement, asset valuation and account adjustment was held not to be laid out wholly and exclusively for carrying on the firm's business. Because the expenditure related to the settlement of inter se partnership rights and the ascertainment of assets and liabilities, it was treated as going to the framework of the business rather than its day-to-day conduct. It was therefore characterised as capital expenditure and disallowed as a revenue deduction under the Indian Income-tax Act, 1922. Case-Laws Income Tax Fri, 18 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7974