https://www.taxtmi.com/caselaws?id=16528 Capital-versus-revenue treatment turns on whether expenditure is directly connected with acquiring, establishing, or increasing the cost of a capital asset. Guarantee commission for deferred machinery payments is treated as an incidental business outlay rather than capital cost, while foreign travel to establish new overseas projects, legal costs resisting enhanced land-acquisition compensation, and exchange-fluctuation liability on imported machinery are capital in nature. Director-related telephone use may be disallowed to the extent of personal use, and medical reimbursement may constitute a disallowable benefit; insurance premiums remain allowable where they are the company's contractual liability. Higher development rebate may apply to qualifying textile and industrial machinery. A draft assessment may be revised before finalisation if fresh objections are permitted without prejudice. en-us Fri, 03 Apr 1998 00:00:00 +0530 Tue, 08 Sep 2009 13:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16528 Capital-versus-revenue treatment turns on whether expenditure is directly connected with acquiring, establishing, or increasing the cost of a capital asset. Guarantee commission for deferred machinery payments is treated as an incidental business outlay rather than capital cost, while foreign travel to establish new overseas projects, legal costs resisting enhanced land-acquisition compensation, and exchange-fluctuation liability on imported machinery are capital in nature. Director-related telephone use may be disallowed to the extent of personal use, and medical reimbursement may constitute a disallowable benefit; insurance premiums remain allowable where they are the company's contractual liability. Higher development rebate may apply to qualifying textile and industrial machinery. A draft assessment may be revised before finalisation if fresh objections are permitted without prejudice. Case-Laws Income Tax Fri, 03 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16528