https://www.taxtmi.com/caselaws?id=219958 The High Court dismissed the appellant revenue's appeal challenging the allowability of license fees, prior period expenses, and foreign travel expenses as revenue expenditure under Section 37(1) of the Income Tax Act. The Court upheld the Tribunal's decisions, emphasizing that the treatment in the books of account does not solely determine taxability. It was ruled that the expenses were allowable under Section 37(1) based on the nature of the payments and their impact on business operations, without conferring enduring benefits. en-us Mon, 17 Dec 2012 00:00:00 +0530 Wed, 02 Jan 2013 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219958 The High Court dismissed the appellant revenue's appeal challenging the allowability of license fees, prior period expenses, and foreign travel expenses as revenue expenditure under Section 37(1) of the Income Tax Act. The Court upheld the Tribunal's decisions, emphasizing that the treatment in the books of account does not solely determine taxability. It was ruled that the expenses were allowable under Section 37(1) based on the nature of the payments and their impact on business operations, without conferring enduring benefits. Case-Laws Income Tax Mon, 17 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219958