https://www.taxtmi.com/caselaws?id=290937 The court ruled in favor of the assessee, allowing the deduction of litigation expenses incurred for the recovery of dues from a former partner in computing profits. The judgment emphasized the capital nature of the expenditure aimed at realizing both capital and profits invested in the money-lending business. The court disagreed with the Income Tax Officer's disallowance, stating that the expenses were not solely related to the partnership but were incurred to earn profits. Ultimately, the court awarded costs to the assessee and ordered the refund of fees deposited with the Appellate Tribunal. en-us Tue, 15 Feb 1944 00:00:00 +0630 Thu, 22 Oct 2020 14:33:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290937 The court ruled in favor of the assessee, allowing the deduction of litigation expenses incurred for the recovery of dues from a former partner in computing profits. The judgment emphasized the capital nature of the expenditure aimed at realizing both capital and profits invested in the money-lending business. The court disagreed with the Income Tax Officer's disallowance, stating that the expenses were not solely related to the partnership but were incurred to earn profits. Ultimately, the court awarded costs to the assessee and ordered the refund of fees deposited with the Appellate Tribunal. Case-Laws Income Tax Tue, 15 Feb 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=290937