https://www.taxtmi.com/caselaws?id=26731 The court held that the expenditure incurred by the assessee on the foreign tour of its managing director was allowable as revenue expenditure under Section 37(1) of the Income-tax Act, 1961. The court found that the expenditure was for business purposes and did not result in acquiring a capital asset. Therefore, the Tribunal ruled in favor of the assessee, with each party bearing its own costs. en-us Fri, 23 Aug 1985 00:00:00 +0530 Mon, 08 Feb 2010 12:01:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26731 The court held that the expenditure incurred by the assessee on the foreign tour of its managing director was allowable as revenue expenditure under Section 37(1) of the Income-tax Act, 1961. The court found that the expenditure was for business purposes and did not result in acquiring a capital asset. Therefore, the Tribunal ruled in favor of the assessee, with each party bearing its own costs. Case-Laws Income Tax Fri, 23 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26731