https://www.taxtmi.com/caselaws?id=26478 The court ruled in favor of the assessee on the allowability of internal development expenditure and entitlement to export profit rebate. Legal expenses incurred in defending employees were deemed allowable deductions, but those for defending directors were not. However, losses on the purchase and sale of securities and bonds were not deductible as business losses. The court's decision favored the assessee on Questions 1 and 3, partially on Question 2, and favored the Revenue on Question 4. No costs were awarded. en-us Tue, 08 Apr 1986 00:00:00 +0530 Fri, 05 Feb 2010 12:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26478 The court ruled in favor of the assessee on the allowability of internal development expenditure and entitlement to export profit rebate. Legal expenses incurred in defending employees were deemed allowable deductions, but those for defending directors were not. However, losses on the purchase and sale of securities and bonds were not deductible as business losses. The court's decision favored the assessee on Questions 1 and 3, partially on Question 2, and favored the Revenue on Question 4. No costs were awarded. Case-Laws Income Tax Tue, 08 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26478