https://www.taxtmi.com/caselaws?id=20394 The court ruled in favor of the assessee regarding the entertainment expenditure for the assessment years 1971-72 and 1972-73, following established precedents. However, the court sided with the Revenue regarding the capital expenditure of Rs. 1,15,067 for the acquisition of export rights, considering it as a capital asset providing enduring benefits. Thus, the expenditure was deemed as capital expenditure, contrary to the assessee's argument for revenue expenditure aimed at increasing business profitability. en-us Wed, 31 Mar 1993 00:00:00 +0530 Fri, 13 Nov 2009 16:39:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20394 The court ruled in favor of the assessee regarding the entertainment expenditure for the assessment years 1971-72 and 1972-73, following established precedents. However, the court sided with the Revenue regarding the capital expenditure of Rs. 1,15,067 for the acquisition of export rights, considering it as a capital asset providing enduring benefits. Thus, the expenditure was deemed as capital expenditure, contrary to the assessee's argument for revenue expenditure aimed at increasing business profitability. Case-Laws Income Tax Wed, 31 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20394