https://www.taxtmi.com/caselaws?id=71069 The Tribunal upheld the assessee's claim for drag expenses, ruling them as revenue in nature despite an initial error by the Income Tax Officer. Regarding relief under section 80C on borrowed capital, the Tribunal directed a reconsideration by the ITO in light of pending Supreme Court cases. Additionally, the disallowed stores consumption expenditure was deemed justified by the AAC due to the revenue nature of the expenses. The Tribunal allowed the Departmental appeals for statistical purposes and dismissed the cross objections of the assessee, demonstrating a balanced resolution of the issues at hand. en-us Thu, 27 Aug 1981 00:00:00 +0530 Thu, 21 Apr 2011 11:49:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71069 The Tribunal upheld the assessee's claim for drag expenses, ruling them as revenue in nature despite an initial error by the Income Tax Officer. Regarding relief under section 80C on borrowed capital, the Tribunal directed a reconsideration by the ITO in light of pending Supreme Court cases. Additionally, the disallowed stores consumption expenditure was deemed justified by the AAC due to the revenue nature of the expenses. The Tribunal allowed the Departmental appeals for statistical purposes and dismissed the cross objections of the assessee, demonstrating a balanced resolution of the issues at hand. Case-Laws Income Tax Thu, 27 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71069