https://www.taxtmi.com/caselaws?id=193399 The article addresses deductibility of legal costs under Section 10(2)(xv) where litigation concerns competing claims of exclusive title to a business. It applies the principle that deductible business expenditure must be incurred wholly and exclusively to protect the business's assets, productive capacity or operations; litigation aimed at establishing exclusive ownership is for the contending parties' individual interests and resembles capital nature disputes to acquire or perfect title. Applying that legal distinction, the legal expenses were held not to be incurred wholly and exclusively for the business and therefore are not deductible. en-us Wed, 08 Jan 1964 00:00:00 +0530 Thu, 27 Jul 2017 10:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193399 The article addresses deductibility of legal costs under Section 10(2)(xv) where litigation concerns competing claims of exclusive title to a business. It applies the principle that deductible business expenditure must be incurred wholly and exclusively to protect the business's assets, productive capacity or operations; litigation aimed at establishing exclusive ownership is for the contending parties' individual interests and resembles capital nature disputes to acquire or perfect title. Applying that legal distinction, the legal expenses were held not to be incurred wholly and exclusively for the business and therefore are not deductible. Case-Laws Income Tax Wed, 08 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193399