https://www.taxtmi.com/caselaws?id=35937 Fee paid for revaluation of a company's assets was held to be revenue expenditure because it did not bring into existence any new capital asset or enduring benefit in the capital field. The upward revaluation merely reflected the existing assets in the books to present the financial position more favourably and support the carrying on of business. Applying the enduring benefit test, the court treated the outlay as connected with the efficient conduct of the business rather than with acquisition or extension of capital assets, and allowed deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922. en-us Mon, 21 Jul 1980 00:00:00 +0530 Thu, 18 Mar 2010 10:58:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35937 Fee paid for revaluation of a company's assets was held to be revenue expenditure because it did not bring into existence any new capital asset or enduring benefit in the capital field. The upward revaluation merely reflected the existing assets in the books to present the financial position more favourably and support the carrying on of business. Applying the enduring benefit test, the court treated the outlay as connected with the efficient conduct of the business rather than with acquisition or extension of capital assets, and allowed deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Mon, 21 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35937