https://www.taxtmi.com/caselaws?id=193399 Legal expenses qualify for deduction only when incurred wholly and exclusively to protect the business entity's assets, productive capacity or operations. Litigation between rival claimants asserting exclusive ownership of the entire business serves their individual ownership interests rather than the business itself. Expenses incurred to establish or acquire title to business assets are capital in nature, unlike costs of preserving an existing business asset. Legal costs for a suit seeking exclusive title to the business and its assets therefore fall outside the revenue-deduction scope under Section 10(2)(xv). 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 Legal expenses qualify for deduction only when incurred wholly and exclusively to protect the business entity's assets, productive capacity or operations. Litigation between rival claimants asserting exclusive ownership of the entire business serves their individual ownership interests rather than the business itself. Expenses incurred to establish or acquire title to business assets are capital in nature, unlike costs of preserving an existing business asset. Legal costs for a suit seeking exclusive title to the business and its assets therefore fall outside the revenue-deduction scope under Section 10(2)(xv). Case-Laws Income Tax Wed, 08 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193399