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1971 (10) TMI 20 - HC - Income TaxAssessee is a registered firm. It carries on business as a dealer in motor vehicles - assessee paid Telco (supplier) a sum of Rs. 7,242 under training scheme of apprentices and the amount was utilised by the supplier company for construction of hostel for apprentices - Whether sum of Rs. 7,242 paid by the assessee to the Tata Locomotive Engineering Co. Ltd. was rightly held to be a capital expenditure in the hands of the assessee – held that payment was made wholly and exclusively for the purposes of business and was allowable under section 10(2)(xv) as revenue expenditure
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