https://www.taxtmi.com/caselaws?id=221224 The High Court of Karnataka upheld the decisions of the Income-tax Appellate Tribunal, ruling that the amount spent on acquiring club memberships and obtaining an ISO-9001 certificate should be treated as revenue expenditures. The court emphasized that these expenses facilitated trading operations without affecting fixed capital and did not result in the creation of enduring assets. Citing relevant legal precedents, the court dismissed the Revenue's appeals and ruled in favor of the assessee, affirming that both expenditures were revenue in nature. en-us Fri, 21 Oct 2011 00:00:00 +0530 Thu, 28 Feb 2013 05:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221224 The High Court of Karnataka upheld the decisions of the Income-tax Appellate Tribunal, ruling that the amount spent on acquiring club memberships and obtaining an ISO-9001 certificate should be treated as revenue expenditures. The court emphasized that these expenses facilitated trading operations without affecting fixed capital and did not result in the creation of enduring assets. Citing relevant legal precedents, the court dismissed the Revenue's appeals and ruled in favor of the assessee, affirming that both expenditures were revenue in nature. Case-Laws Income Tax Fri, 21 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221224