https://www.taxtmi.com/caselaws?id=18588 The court ruled in favor of the assessee regarding the interest payable on compensation to former owners of nationalized transport undertakings, allowing it as revenue expenditure. Contributions to the Flag Day Fund and Chief Minister's Rehabilitation Fund were also deemed allowable as business expenditure, as they were voluntary and had a nexus with the business of the assessee. The court's decision was based on established legal principles and relevant case law, providing clarity on the treatment of these expenditures under the Income-tax Act, 1961. en-us Thu, 03 Aug 1995 00:00:00 +0530 Thu, 01 Oct 2009 18:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18588 The court ruled in favor of the assessee regarding the interest payable on compensation to former owners of nationalized transport undertakings, allowing it as revenue expenditure. Contributions to the Flag Day Fund and Chief Minister's Rehabilitation Fund were also deemed allowable as business expenditure, as they were voluntary and had a nexus with the business of the assessee. The court's decision was based on established legal principles and relevant case law, providing clarity on the treatment of these expenditures under the Income-tax Act, 1961. Case-Laws Income Tax Thu, 03 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18588