https://www.taxtmi.com/caselaws?id=276905 Amounts paid for exclusive shell-concession rights were held to be capital expenditure because they secured a source or enduring advantage enabling the assessee to obtain shell material for business, rather than the shells themselves. Applying earlier authorities, the Court distinguished cases where the payment acquired raw material directly and concluded that a concession of this kind is not an ordinary revenue outgoing incurred in carrying on trade. The claimed deductions under section 10(2)(ix) of the Indian Income-tax Act, 1922 were therefore disallowed, and the reference was answered against the assessee. en-us Wed, 18 Oct 1939 00:00:00 +0530 Tue, 20 Nov 2018 11:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276905 Amounts paid for exclusive shell-concession rights were held to be capital expenditure because they secured a source or enduring advantage enabling the assessee to obtain shell material for business, rather than the shells themselves. Applying earlier authorities, the Court distinguished cases where the payment acquired raw material directly and concluded that a concession of this kind is not an ordinary revenue outgoing incurred in carrying on trade. The claimed deductions under section 10(2)(ix) of the Indian Income-tax Act, 1922 were therefore disallowed, and the reference was answered against the assessee. Case-Laws Income Tax Wed, 18 Oct 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276905