https://www.taxtmi.com/caselaws?id=49528 Deductibility of expenditure for training jockeys was upheld as incurred wholly and exclusively for the assessee's business under section 10(2)(xv) because it was aimed at preserving the commercial viability of the racing enterprise. The court applied the principle that revenue expenditure undertaken as a commercially expedient measure to prevent extinction or serious impairment of a trade, or to ensure the supply of essential labour, qualifies as deductible where it does not create an enduring asset and is proximate to profit-earning; outcome: expenditure allowed in favour of the assessee. en-us Mon, 28 Nov 1960 00:00:00 +0530 Mon, 01 Sep 2014 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49528 Deductibility of expenditure for training jockeys was upheld as incurred wholly and exclusively for the assessee's business under section 10(2)(xv) because it was aimed at preserving the commercial viability of the racing enterprise. The court applied the principle that revenue expenditure undertaken as a commercially expedient measure to prevent extinction or serious impairment of a trade, or to ensure the supply of essential labour, qualifies as deductible where it does not create an enduring asset and is proximate to profit-earning; outcome: expenditure allowed in favour of the assessee. Case-Laws Income Tax Mon, 28 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49528