https://www.taxtmi.com/caselaws?id=38600 Expenditure incurred in connection with winding-up proceedings was not deductible as revenue expenditure because the assessee failed to show that taking up or ing those proceedings was necessary for its business. The Tribunal's factual finding that the assessee had not established business necessity was decisive, so the claimed amount was disallowed in assessment. The governing principle is that costs linked to winding-up proceedings are deductible only where their necessity for the assessee's business is shown. en-us Fri, 23 Jul 1976 00:00:00 +0530 Wed, 07 Apr 2010 15:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38600 Expenditure incurred in connection with winding-up proceedings was not deductible as revenue expenditure because the assessee failed to show that taking up or ing those proceedings was necessary for its business. The Tribunal's factual finding that the assessee had not established business necessity was decisive, so the claimed amount was disallowed in assessment. The governing principle is that costs linked to winding-up proceedings are deductible only where their necessity for the assessee's business is shown. Case-Laws Income Tax Fri, 23 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38600