https://www.taxtmi.com/caselaws?id=120984 The Tribunal partly allowed the assessee's appeal. It ruled that the entire expenditure of Rs. 55,98,988 should be considered as revenue expenditure, allowing it fully for tax purposes in the year incurred. The Tribunal upheld the levy of interest under section 234B of the Income Tax Act, aligning with the view that interest is applicable on profits determined under section 115JB. However, it disallowed the levy of interest under section 234D, agreeing with the assessee that this provision could not be applied retrospectively to the assessment year 2001-02. en-us Tue, 18 Sep 2007 00:00:00 +0530 Fri, 02 Feb 2024 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120984 The Tribunal partly allowed the assessee's appeal. It ruled that the entire expenditure of Rs. 55,98,988 should be considered as revenue expenditure, allowing it fully for tax purposes in the year incurred. The Tribunal upheld the levy of interest under section 234B of the Income Tax Act, aligning with the view that interest is applicable on profits determined under section 115JB. However, it disallowed the levy of interest under section 234D, agreeing with the assessee that this provision could not be applied retrospectively to the assessment year 2001-02. Case-Laws Income Tax Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120984