https://www.taxtmi.com/caselaws?id=290200 Expenditure incurred to lay water pipelines and provide municipal amenities under the agreement was revenue in nature because no capital asset came into existence for the assessee; the pipelines and accessories belonged to the municipality. The only commercial advantage obtained was immunity from municipal rates, taxes and charges for fifteen years, which merely facilitated business operations in the revenue field without adding to the capital structure. Applying that principle, the expenditure was allowable as a deduction as revenue expenditure under Section 10(2)(xv). en-us Wed, 04 May 1988 00:00:00 +0530 Mon, 14 Sep 2020 10:35:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290200 Expenditure incurred to lay water pipelines and provide municipal amenities under the agreement was revenue in nature because no capital asset came into existence for the assessee; the pipelines and accessories belonged to the municipality. The only commercial advantage obtained was immunity from municipal rates, taxes and charges for fifteen years, which merely facilitated business operations in the revenue field without adding to the capital structure. Applying that principle, the expenditure was allowable as a deduction as revenue expenditure under Section 10(2)(xv). Case-Laws Income Tax Wed, 04 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290200