https://www.taxtmi.com/caselaws?id=273550 The issue concerns whether a payment arising from a 1953 agreement is revenue-deductible or a capital loss; the deed's terms-an advance coupled with agreed sharing of profits and losses and repayment contingencies-were construed as an investment for a share of business profits rather than a loan or ordinary financing. The Tribunal's view that the transaction was capital in nature was upheld: the loss claimed by the assessee is capital and therefore not allowable as a revenue deduction under the Income-tax Act provisions relied upon. en-us Mon, 27 Aug 1962 00:00:00 +0530 Mon, 02 Jul 2018 14:36:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273550 The issue concerns whether a payment arising from a 1953 agreement is revenue-deductible or a capital loss; the deed's terms-an advance coupled with agreed sharing of profits and losses and repayment contingencies-were construed as an investment for a share of business profits rather than a loan or ordinary financing. The Tribunal's view that the transaction was capital in nature was upheld: the loss claimed by the assessee is capital and therefore not allowable as a revenue deduction under the Income-tax Act provisions relied upon. Case-Laws Income Tax Mon, 27 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273550