https://www.taxtmi.com/caselaws?id=20458 The court held that the expenditure on foreign tours of the managing director was deductible as revenue expenditure under section 37(1) of the Income-tax Act, emphasizing the business purpose of the visits. Additionally, the court ruled in favor of the assessee, allowing the development rebate on rolling mill rolls purchased for business use, clarifying the independence of provisions for depreciation and development rebate. The judgment provided detailed analysis based on legal provisions and precedents, ensuring a thorough examination of the issues raised. en-us Thu, 02 Sep 1993 00:00:00 +0530 Sat, 14 Nov 2009 11:02:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20458 The court held that the expenditure on foreign tours of the managing director was deductible as revenue expenditure under section 37(1) of the Income-tax Act, emphasizing the business purpose of the visits. Additionally, the court ruled in favor of the assessee, allowing the development rebate on rolling mill rolls purchased for business use, clarifying the independence of provisions for depreciation and development rebate. The judgment provided detailed analysis based on legal provisions and precedents, ensuring a thorough examination of the issues raised. Case-Laws Income Tax Thu, 02 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20458