https://www.taxtmi.com/caselaws?id=16277 Interest and bank guarantee commission on unpaid land purchase price for a running business were treated as revenue expenditure because the acquisition was integral to the profit-earning process. Loss on sale of Government securities was deductible where the securities were acquired for business purposes and the loss was a trading loss. Customs drawback and excise refund were excluded from turnover computation, while premium gain on yarn entitlement was included. Interest claimed under the Income-tax Act, surtax paid under the Companies (Profits) Surtax Act, and deduction under section 80E after reducing development rebate were all governed against the assessee. Trading loss from rupee devaluation was allowable, but premium on import entitlements was deductible only in the year of write-off. en-us Tue, 03 Nov 1998 00:00:00 +0530 Fri, 04 Sep 2009 18:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16277 Interest and bank guarantee commission on unpaid land purchase price for a running business were treated as revenue expenditure because the acquisition was integral to the profit-earning process. Loss on sale of Government securities was deductible where the securities were acquired for business purposes and the loss was a trading loss. Customs drawback and excise refund were excluded from turnover computation, while premium gain on yarn entitlement was included. Interest claimed under the Income-tax Act, surtax paid under the Companies (Profits) Surtax Act, and deduction under section 80E after reducing development rebate were all governed against the assessee. Trading loss from rupee devaluation was allowable, but premium on import entitlements was deductible only in the year of write-off. Case-Laws Income Tax Tue, 03 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16277