https://www.taxtmi.com/caselaws?id=193078 Payments made under a private arrangement to obtain sole control of a business and the right to carry it on for a fixed period were held to be capital in nature. The Court reasoned that the expenditure was incurred to acquire the concern and the right to conduct the business, not to produce profits in the ordinary course of trading. Accordingly, the amounts did not qualify as expenditure laid out wholly and exclusively for business under Section 10(2)(xii) of the Income-tax Act, 1922, and were not deductible. The Court noted that a different factual basis could have led to a different result. en-us Wed, 23 Jun 1943 00:00:00 +0630 Wed, 12 Jul 2017 17:52:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193078 Payments made under a private arrangement to obtain sole control of a business and the right to carry it on for a fixed period were held to be capital in nature. The Court reasoned that the expenditure was incurred to acquire the concern and the right to conduct the business, not to produce profits in the ordinary course of trading. Accordingly, the amounts did not qualify as expenditure laid out wholly and exclusively for business under Section 10(2)(xii) of the Income-tax Act, 1922, and were not deductible. The Court noted that a different factual basis could have led to a different result. Case-Laws Income Tax Wed, 23 Jun 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=193078