https://www.taxtmi.com/caselaws?id=800811 Chit foreman payments made to cure subscriber defaults are treated as debts arising in the ordinary course of the chit business; once written off, separate proof of irrecoverability is unnecessary, and they may alternatively qualify as business loss. Consistent treatment across unchanged assessment years supports deductibility of interest on security deposits, commissions and gifts paid to associated entities. Recurring turnover-based payments for a terminable, non-exclusive and non-transferable logo licence remain revenue expenditure because no intellectual-property asset or enduring benefit is acquired. OD interest remains allowable where surplus own funds exceed interest-free advances. en-us Tue, 06 Oct 2026 00:00:00 +0530 Mon, 12 Oct 2026 04:18:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800811 Chit foreman payments made to cure subscriber defaults are treated as debts arising in the ordinary course of the chit business; once written off, separate proof of irrecoverability is unnecessary, and they may alternatively qualify as business loss. Consistent treatment across unchanged assessment years supports deductibility of interest on security deposits, commissions and gifts paid to associated entities. Recurring turnover-based payments for a terminable, non-exclusive and non-transferable logo licence remain revenue expenditure because no intellectual-property asset or enduring benefit is acquired. OD interest remains allowable where surplus own funds exceed interest-free advances. Case-Laws Income Tax Tue, 06 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800811