https://www.taxtmi.com/caselaws?id=446306 HC allowed respondent's claim for revenue loss on diminution of GOI Fertilizer Bonds received in lieu of cash subsidy, following precedents that bonds accepted under compulsion for business purposes constitute revenue assets, not capital. Court also upheld school expenditure for employees' children as deductible business expense under Section 37(1), ruling such welfare expenditure serves commercial expediency and business efficiency despite incidental benefit to non-employees. en-us Fri, 24 Nov 2023 00:00:00 +0530 Wed, 29 Nov 2023 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446306 HC allowed respondent's claim for revenue loss on diminution of GOI Fertilizer Bonds received in lieu of cash subsidy, following precedents that bonds accepted under compulsion for business purposes constitute revenue assets, not capital. Court also upheld school expenditure for employees' children as deductible business expense under Section 37(1), ruling such welfare expenditure serves commercial expediency and business efficiency despite incidental benefit to non-employees. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446306