https://www.taxtmi.com/caselaws?id=11161 Expenditure for employees' club renovation, though the payer was not building owner, qualifies as revenue expenditure deductible under section 37 when incurred wholly and exclusively to promote the business and where factual findings on purpose are not perverse. For the investment allowance computation under section 32AB, eligible business profits as reflected in audited accounts may include receipts such as rental income, interest, dividends, sale proceeds and subsidies where they form part of the business/trading assets; the Tribunal's inclusive 20% computation is sustained on the stated factual and accounting basis. en-us Thu, 15 Jan 2004 00:00:00 +0530 Sat, 01 Aug 2009 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11161 Expenditure for employees' club renovation, though the payer was not building owner, qualifies as revenue expenditure deductible under section 37 when incurred wholly and exclusively to promote the business and where factual findings on purpose are not perverse. For the investment allowance computation under section 32AB, eligible business profits as reflected in audited accounts may include receipts such as rental income, interest, dividends, sale proceeds and subsidies where they form part of the business/trading assets; the Tribunal's inclusive 20% computation is sustained on the stated factual and accounting basis. Case-Laws Income Tax Thu, 15 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11161