https://www.taxtmi.com/caselaws?id=15491 The court held that the expenditure incurred by the assessee in pursuing a claim against the National Bank of Pakistan was capital in nature and not deductible as revenue expenditure under section 37 of the Income-tax Act. The court agreed with the Tribunal's decision that the expenses aimed at recovering the sale proceeds of capital assets and were not directly connected with the normal business activities of the assessee. Therefore, the court ruled in favor of the Revenue, directing each party to bear its own costs in the case. en-us Thu, 30 Sep 1999 00:00:00 +0530 Tue, 25 Aug 2009 15:21:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15491 The court held that the expenditure incurred by the assessee in pursuing a claim against the National Bank of Pakistan was capital in nature and not deductible as revenue expenditure under section 37 of the Income-tax Act. The court agreed with the Tribunal's decision that the expenses aimed at recovering the sale proceeds of capital assets and were not directly connected with the normal business activities of the assessee. Therefore, the court ruled in favor of the Revenue, directing each party to bear its own costs in the case. Case-Laws Income Tax Thu, 30 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15491