https://www.taxtmi.com/caselaws?id=276670 A compulsory statutory payment made to discharge a legal obligation connected with carrying on business may qualify as revenue expenditure if it is neither capital nor personal in nature. The court treated estate duty paid under section 84(1) of the Estate Duty Act, 1953 as an obligation attaching to the assessee's business activities, noting that default attracted penalty and that the relevant provisions did not indicate any effective right of recovery. The payment was therefore held to be expenditure laid out wholly and exclusively for the purpose of business and deductible under section 10(2)(xv) of the Indian Income-tax Act, 1922. en-us Thu, 19 Jan 1961 00:00:00 +0530 Thu, 15 Nov 2018 15:55:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276670 A compulsory statutory payment made to discharge a legal obligation connected with carrying on business may qualify as revenue expenditure if it is neither capital nor personal in nature. The court treated estate duty paid under section 84(1) of the Estate Duty Act, 1953 as an obligation attaching to the assessee's business activities, noting that default attracted penalty and that the relevant provisions did not indicate any effective right of recovery. The payment was therefore held to be expenditure laid out wholly and exclusively for the purpose of business and deductible under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Thu, 19 Jan 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276670