https://www.taxtmi.com/caselaws?id=119485 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to treat initial issue expenses on mutual funds and professional/legal fee charges as revenue expenditure rather than capital expenditure for the assessment year 1998-99. The expenses were deemed necessary for the asset management business, not resulting in the creation of capital assets. Therefore, the disallowance was deleted based on commercial necessity and business expediency principles. en-us Thu, 03 May 2007 00:00:00 +0530 Wed, 11 Jul 2012 13:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119485 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to treat initial issue expenses on mutual funds and professional/legal fee charges as revenue expenditure rather than capital expenditure for the assessment year 1998-99. The expenses were deemed necessary for the asset management business, not resulting in the creation of capital assets. Therefore, the disallowance was deleted based on commercial necessity and business expediency principles. Case-Laws Income Tax Thu, 03 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119485