https://www.taxtmi.com/caselaws?id=59118 The Tribunal upheld the Commissioner's decision, determining that the amount of Rs. 21,016 relinquished by the assessee-company qualified as business expenditure and was not capital in nature. The contribution was found to be laid out wholly and exclusively for business purposes, benefiting the assessee as a founder member of the association, and did not create a capital asset. Additionally, the Tribunal allowed the assessee's cross-objection, confirming that the contribution was eligible for relief under section 80G for donations made in kind, resulting in the dismissal of the revenue's appeal. en-us Fri, 30 Nov 1984 00:00:00 +0530 Sun, 06 Feb 2011 02:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59118 The Tribunal upheld the Commissioner's decision, determining that the amount of Rs. 21,016 relinquished by the assessee-company qualified as business expenditure and was not capital in nature. The contribution was found to be laid out wholly and exclusively for business purposes, benefiting the assessee as a founder member of the association, and did not create a capital asset. Additionally, the Tribunal allowed the assessee's cross-objection, confirming that the contribution was eligible for relief under section 80G for donations made in kind, resulting in the dismissal of the revenue's appeal. Case-Laws Income Tax Fri, 30 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59118