https://www.taxtmi.com/caselaws?id=37097 Deductibility of a retirement car gift failed because the assessee did not prove commercial expediency or any business practice showing the payment was made wholly and exclusively for business; in the absence of supporting material, it was treated as a personal gift and disallowed. By contrast, expenditure on laying cables to secure alternating current supply was revenue in nature because it was incurred to improve the efficiency of the existing business, did not bring into existence an asset of the assessee, and produced only a trading advantage rather than a capital-field benefit, so it was allowable as business expenditure. en-us Mon, 12 Nov 1979 00:00:00 +0530 Fri, 26 Mar 2010 13:19:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37097 Deductibility of a retirement car gift failed because the assessee did not prove commercial expediency or any business practice showing the payment was made wholly and exclusively for business; in the absence of supporting material, it was treated as a personal gift and disallowed. By contrast, expenditure on laying cables to secure alternating current supply was revenue in nature because it was incurred to improve the efficiency of the existing business, did not bring into existence an asset of the assessee, and produced only a trading advantage rather than a capital-field benefit, so it was allowable as business expenditure. Case-Laws Income Tax Mon, 12 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37097