https://www.taxtmi.com/caselaws?id=67695 The Appellate Tribunal ruled in favor of the appellant firm in a case concerning the classification of expenses and determination of profits. The Tribunal held that the expenditure on purchasing a starter was revenue in nature, allowing it as a revenue expenditure. Additionally, it determined that profits from a transaction belonged to an individual and should not be added to the firm's income, based on evidence presented. The appeal was allowed in part, with the Tribunal deciding in favor of the assessee on both issues. en-us Sat, 18 Mar 1978 00:00:00 +0530 Sat, 12 Mar 2011 14:04:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67695 The Appellate Tribunal ruled in favor of the appellant firm in a case concerning the classification of expenses and determination of profits. The Tribunal held that the expenditure on purchasing a starter was revenue in nature, allowing it as a revenue expenditure. Additionally, it determined that profits from a transaction belonged to an individual and should not be added to the firm's income, based on evidence presented. The appeal was allowed in part, with the Tribunal deciding in favor of the assessee on both issues. Case-Laws Income Tax Sat, 18 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67695