https://www.taxtmi.com/caselaws?id=16093 The court dismissed the challenge against orders confirming contributions to Stock Exchange building fund as capital expenditure for assessment periods 1992-93 and 1995-94. The petitioner, a share broker, initially claimed the contributions as revenue expenditure but later agreed to treat them as capital. The court found the petitioner's attempt to retract the admission impermissible, as it was voluntary without coercion. Additionally, the petitioner failed to prove the contributions were solely for business purposes, leading the court to uphold the capital expenditure treatment under section 37 of the Income-tax Act. en-us Fri, 18 Dec 1998 00:00:00 +0530 Tue, 01 Sep 2009 10:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16093 The court dismissed the challenge against orders confirming contributions to Stock Exchange building fund as capital expenditure for assessment periods 1992-93 and 1995-94. The petitioner, a share broker, initially claimed the contributions as revenue expenditure but later agreed to treat them as capital. The court found the petitioner's attempt to retract the admission impermissible, as it was voluntary without coercion. Additionally, the petitioner failed to prove the contributions were solely for business purposes, leading the court to uphold the capital expenditure treatment under section 37 of the Income-tax Act. Case-Laws Income Tax Fri, 18 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16093