https://www.taxtmi.com/caselaws?id=25732 Legal expenditure incurred in litigation over the quantum of compensation payable on takeover of an insurance business was held to be capital in nature, because it related directly to the acquisition of a capital asset and not to ordinary business operations or a circulating asset. Since the dispute concerned the amount payable for the capital acquisition itself, the legal charges inherited that character and could not be allowed as a revenue deduction in computing taxable income. en-us Fri, 13 Mar 1987 00:00:00 +0530 Sat, 30 Jan 2010 15:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25732 Legal expenditure incurred in litigation over the quantum of compensation payable on takeover of an insurance business was held to be capital in nature, because it related directly to the acquisition of a capital asset and not to ordinary business operations or a circulating asset. Since the dispute concerned the amount payable for the capital acquisition itself, the legal charges inherited that character and could not be allowed as a revenue deduction in computing taxable income. Case-Laws Income Tax Fri, 13 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25732