https://www.taxtmi.com/caselaws?id=204666 The court ruled in favor of the appellant, allowing the expenses related to the abandoned weaving and spinning unit in Karnataka and the consultancy fee paid to McKinsey and Co. as revenue expenditure. The court held that since no new asset was created and the expenses were incurred for the same business, they should be treated as revenue expenditure. The appellant was entitled to deduct these expenses under section 37(1) of the Act for the relevant assessment year. en-us Fri, 25 Sep 2009 00:00:00 +0530 Thu, 20 Dec 2012 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204666 The court ruled in favor of the appellant, allowing the expenses related to the abandoned weaving and spinning unit in Karnataka and the consultancy fee paid to McKinsey and Co. as revenue expenditure. The court held that since no new asset was created and the expenses were incurred for the same business, they should be treated as revenue expenditure. The appellant was entitled to deduct these expenses under section 37(1) of the Act for the relevant assessment year. Case-Laws Income Tax Fri, 25 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204666