https://www.taxtmi.com/caselaws?id=237211 The Tribunal allowed the assessee's appeal for the assessment years 2007-08 and 2008-09, condoning the delay in filing the appeal for 2007-08 due to a genuine oversight. The expenditure on developing Stainless Steel Liners was deemed revenue in nature, related to the existing business, and deductible under Section 37(1) of the Income Tax Act, overturning the capital treatment by the Assessing Officer and Commissioner of Income Tax (Appeals). The Tribunal's decision was consistent for both years, leading to the deletion of disallowances and a favorable judgment for the assessee on 21st June 2013. en-us Fri, 21 Jun 2013 00:00:00 +0530 Sat, 21 Sep 2013 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237211 The Tribunal allowed the assessee's appeal for the assessment years 2007-08 and 2008-09, condoning the delay in filing the appeal for 2007-08 due to a genuine oversight. The expenditure on developing Stainless Steel Liners was deemed revenue in nature, related to the existing business, and deductible under Section 37(1) of the Income Tax Act, overturning the capital treatment by the Assessing Officer and Commissioner of Income Tax (Appeals). The Tribunal's decision was consistent for both years, leading to the deletion of disallowances and a favorable judgment for the assessee on 21st June 2013. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237211