https://www.taxtmi.com/caselaws?id=471018 Cash credits require verification of each creditor's identity, genuineness and creditworthiness; where additional material is accepted without further inquiry and adequate opportunity was lacking, fresh assessment verification is required. Repairs and renovation of leased premises are revenue expenditure where they create no capital asset for the taxpayer. Irrecoverable advances to a related subsidiary may be deductible where the write-off has a direct business nexus. Reliably estimated warranty obligations are allowable business liabilities, not contingent liabilities. Costs of an unsuccessful acquisition bid for expansion within the existing business may retain revenue character. Dealer incentives and discounts do not attract tax deduction where dealers purchase and resell independently rather than act as agents. en-us Wed, 21 Dec 2016 00:00:00 +0530 Tue, 18 Aug 2026 15:44:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471018 Cash credits require verification of each creditor's identity, genuineness and creditworthiness; where additional material is accepted without further inquiry and adequate opportunity was lacking, fresh assessment verification is required. Repairs and renovation of leased premises are revenue expenditure where they create no capital asset for the taxpayer. Irrecoverable advances to a related subsidiary may be deductible where the write-off has a direct business nexus. Reliably estimated warranty obligations are allowable business liabilities, not contingent liabilities. Costs of an unsuccessful acquisition bid for expansion within the existing business may retain revenue character. Dealer incentives and discounts do not attract tax deduction where dealers purchase and resell independently rather than act as agents. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471018