https://www.taxtmi.com/caselaws?id=797848 Club membership, subscription and service expenditure is deductible when incurred wholly and exclusively for business; an ad hoc disallowance requires identification of personal or non-business payments. Where own funds exceed investments and borrowings are demonstrably used for business purposes, investments are presumed to be made from own funds, precluding interest disallowance for exempt-income investments. Administrative expenditure attributable to exempt income cannot exceed that income. Depreciation and additional depreciation are available where contemporaneous internal records establish that machinery was installed and put to use before year-end; an external installation certificate is not indispensable. Electrical installations integral to manufacturing machinery qualify for additional depreciation based on functional use, absent proof of independent non-manufacturing use or statutory exclusion. en-us Fri, 21 Aug 2026 00:00:00 +0530 Fri, 28 Aug 2026 20:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797848 Club membership, subscription and service expenditure is deductible when incurred wholly and exclusively for business; an ad hoc disallowance requires identification of personal or non-business payments. Where own funds exceed investments and borrowings are demonstrably used for business purposes, investments are presumed to be made from own funds, precluding interest disallowance for exempt-income investments. Administrative expenditure attributable to exempt income cannot exceed that income. Depreciation and additional depreciation are available where contemporaneous internal records establish that machinery was installed and put to use before year-end; an external installation certificate is not indispensable. Electrical installations integral to manufacturing machinery qualify for additional depreciation based on functional use, absent proof of independent non-manufacturing use or statutory exclusion. Case-Laws Income Tax Fri, 21 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797848