https://www.taxtmi.com/caselaws?id=66692 The Tribunal ruled in favor of the assessee, concluding that the advertisement expenditure incurred for launching a new product should be treated as revenue expenditure and allowed entirely in the year it was incurred. It rejected the Revenue's argument that the method of accounting in the books determines allowability. The Tribunal emphasized that the benefit period of the advertisement expenditure could not be reasonably estimated, distinguishing the case from precedents with specified benefit periods. Consequently, the disallowance of 4/5th of the expenditure was deleted, and the appeal was partially allowed, affirming the assessee's claim for deduction. en-us Tue, 27 Apr 2004 00:00:00 +0530 Mon, 17 Jun 2024 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66692 The Tribunal ruled in favor of the assessee, concluding that the advertisement expenditure incurred for launching a new product should be treated as revenue expenditure and allowed entirely in the year it was incurred. It rejected the Revenue's argument that the method of accounting in the books determines allowability. The Tribunal emphasized that the benefit period of the advertisement expenditure could not be reasonably estimated, distinguishing the case from precedents with specified benefit periods. Consequently, the disallowance of 4/5th of the expenditure was deleted, and the appeal was partially allowed, affirming the assessee's claim for deduction. Case-Laws Income Tax Tue, 27 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66692