https://www.taxtmi.com/caselaws?id=200092 Expenditure incurred to acquire another partner's interest in a managing agency firm was treated as capital expenditure because it secured the assessee's exclusive benefit in a profit-yielding asset and gave an enduring advantage. The payment was not a fresh capital contribution to augment partnership profits, but consideration for obtaining a capital asset capable of generating income. It was therefore not deductible as revenue expenditure. en-us Wed, 19 Sep 1951 00:00:00 +0530 Tue, 20 Mar 2018 18:07:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200092 Expenditure incurred to acquire another partner's interest in a managing agency firm was treated as capital expenditure because it secured the assessee's exclusive benefit in a profit-yielding asset and gave an enduring advantage. The payment was not a fresh capital contribution to augment partnership profits, but consideration for obtaining a capital asset capable of generating income. It was therefore not deductible as revenue expenditure. Case-Laws Income Tax Wed, 19 Sep 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200092