https://www.taxtmi.com/caselaws?id=23504 Expenditure incurred to purchase loom hours was held to be revenue in nature because it did not create a new asset or enlarge the profit-making apparatus, but merely enabled fuller use of the existing looms by relaxing a trading restriction; the amount was therefore deductible. Receipts from sale of loom hours were treated as revenue receipts arising in the course of business, not capital gains, because no capital asset was transferred in the relevant sense. Brokerage paid on such sale was also allowable as revenue expenditure, as it related to a business transaction and was not disqualified by the character of the underlying receipt. en-us Fri, 10 Mar 1989 00:00:00 +0530 Sat, 19 Dec 2009 17:49:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23504 Expenditure incurred to purchase loom hours was held to be revenue in nature because it did not create a new asset or enlarge the profit-making apparatus, but merely enabled fuller use of the existing looms by relaxing a trading restriction; the amount was therefore deductible. Receipts from sale of loom hours were treated as revenue receipts arising in the course of business, not capital gains, because no capital asset was transferred in the relevant sense. Brokerage paid on such sale was also allowable as revenue expenditure, as it related to a business transaction and was not disqualified by the character of the underlying receipt. Case-Laws Income Tax Fri, 10 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23504