https://www.taxtmi.com/caselaws?id=769568 Club expenditure incurred in the course of business was held allowable as business expenditure, since it was neither personal nor non-business in nature and disallowance could not rest on nomenclature alone. Foreign exchange loss on renewed licence payment was also deductible in the year it crystallised when the cheque was encashed, making the exchange difference a revenue item of that year. Loss relating to closure of stores and related assets required factual verification as to whether it fell under revenue treatment or the block of assets regime, and interest on income-tax refund under section 244A was remanded for verification and recomputation of the amount received. en-us Fri, 25 Apr 2025 00:00:00 +0530 Mon, 28 Apr 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769568 Club expenditure incurred in the course of business was held allowable as business expenditure, since it was neither personal nor non-business in nature and disallowance could not rest on nomenclature alone. Foreign exchange loss on renewed licence payment was also deductible in the year it crystallised when the cheque was encashed, making the exchange difference a revenue item of that year. Loss relating to closure of stores and related assets required factual verification as to whether it fell under revenue treatment or the block of assets regime, and interest on income-tax refund under section 244A was remanded for verification and recomputation of the amount received. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769568