https://www.taxtmi.com/caselaws?id=472115 Industrial Promotion Assistance granted for capacity expansion, modernisation and marketing improvement is characterised under the purpose test by its object rather than its sales-tax-based quantification; it is therefore a capital receipt outside taxable income. Railway-siding costs are revenue expenditure where the taxpayer does not own the sidings, subject to confirming that depreciation has not been claimed. Where own funds cover investments, no interest disallowance arises for exempt-income investments. Indirect-expenditure disallowance is confined to investments that actually generated exempt income during the relevant year. en-us Thu, 17 Apr 2025 00:00:00 +0530 Wed, 30 Sep 2026 08:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472115 Industrial Promotion Assistance granted for capacity expansion, modernisation and marketing improvement is characterised under the purpose test by its object rather than its sales-tax-based quantification; it is therefore a capital receipt outside taxable income. Railway-siding costs are revenue expenditure where the taxpayer does not own the sidings, subject to confirming that depreciation has not been claimed. Where own funds cover investments, no interest disallowance arises for exempt-income investments. Indirect-expenditure disallowance is confined to investments that actually generated exempt income during the relevant year. Case-Laws Income Tax Thu, 17 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472115