https://www.taxtmi.com/caselaws?id=19315 Estate duty paid by a controlled company on property transferred by a deceased person may qualify as deductible business expenditure where the statutory liability relates to assets used in its business and has a real, direct nexus with carrying on that business. The payment is not treated as a mere discharge of another person's liability when it operates against the company's assets under the estate duty framework. Interest on borrowings raised to discharge that duty may likewise be deductible where the borrowing frees business assets from the related charge and is incidental to business operations. en-us Tue, 08 Nov 1994 00:00:00 +0530 Thu, 05 Nov 2009 13:22:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19315 Estate duty paid by a controlled company on property transferred by a deceased person may qualify as deductible business expenditure where the statutory liability relates to assets used in its business and has a real, direct nexus with carrying on that business. The payment is not treated as a mere discharge of another person's liability when it operates against the company's assets under the estate duty framework. Interest on borrowings raised to discharge that duty may likewise be deductible where the borrowing frees business assets from the related charge and is incidental to business operations. Case-Laws Income Tax Tue, 08 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19315