https://www.taxtmi.com/caselaws?id=237450 The High Court upheld the Tribunal's decision in favor of the assessee regarding the disallowance of entertainment expenses and product development expenses. It emphasized that expenses should be allowed as deductions when incurred, based on the nature of the expense, and that deferment of revenue expenditure is not recognized under the Income Tax Act. The entire product development expense was deemed allowable as a deduction, leading to the dismissal of the Revenue's appeal and a judgment in favor of the assessee on both issues. en-us Mon, 19 Aug 2013 00:00:00 +0530 Sat, 28 Sep 2013 06:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237450 The High Court upheld the Tribunal's decision in favor of the assessee regarding the disallowance of entertainment expenses and product development expenses. It emphasized that expenses should be allowed as deductions when incurred, based on the nature of the expense, and that deferment of revenue expenditure is not recognized under the Income Tax Act. The entire product development expense was deemed allowable as a deduction, leading to the dismissal of the Revenue's appeal and a judgment in favor of the assessee on both issues. Case-Laws Income Tax Mon, 19 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237450