https://www.taxtmi.com/caselaws?id=240496 The Tribunal allowed the Assessee's claim for deduction of Rs. 3,13,25,588 as revenue expenditure under Section 37(1), overturning the disallowance by the AO and CIT(A). The Tribunal held that the expenditure, incurred for expanding the Assessee's existing business, should be treated as revenue expenditure as it did not create any asset or enduring benefit. The Assessee provided sufficient evidence to support that the expenditure was wholly and exclusively for business purposes, leading to the successful appeal and allowance of the deduction. en-us Wed, 23 Oct 2013 00:00:00 +0530 Mon, 30 Mar 2015 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240496 The Tribunal allowed the Assessee's claim for deduction of Rs. 3,13,25,588 as revenue expenditure under Section 37(1), overturning the disallowance by the AO and CIT(A). The Tribunal held that the expenditure, incurred for expanding the Assessee's existing business, should be treated as revenue expenditure as it did not create any asset or enduring benefit. The Assessee provided sufficient evidence to support that the expenditure was wholly and exclusively for business purposes, leading to the successful appeal and allowance of the deduction. Case-Laws Income Tax Wed, 23 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240496