https://www.taxtmi.com/caselaws?id=59327 Expenditure on acquired audio rights and master plates used to manufacture recorded cassettes and CDs was treated as revenue in nature because the rights operated as raw material integral to the trading process, not as a capital asset in the profit-making structure. The Tribunal applied the commercial character test and held that section 35A was inapplicable, since it applies only to capital expenditure; the deduction was therefore allowable as business expenditure. On motor car expenses and depreciation, the Tribunal found the personal-use disallowance excessive and reduced it to a reasonable estimate, granting partial relief. en-us Thu, 13 Jul 2000 00:00:00 +0530 Tue, 28 Dec 2010 18:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59327 Expenditure on acquired audio rights and master plates used to manufacture recorded cassettes and CDs was treated as revenue in nature because the rights operated as raw material integral to the trading process, not as a capital asset in the profit-making structure. The Tribunal applied the commercial character test and held that section 35A was inapplicable, since it applies only to capital expenditure; the deduction was therefore allowable as business expenditure. On motor car expenses and depreciation, the Tribunal found the personal-use disallowance excessive and reduced it to a reasonable estimate, granting partial relief. Case-Laws Income Tax Thu, 13 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59327