https://www.taxtmi.com/caselaws?id=249427 Bond servicing expenses were treated as recurring revenue outgo, not capital expenditure, and the deduction was allowed. Bond issue expenses incurred to procure finance for the business were held allowable as business expenditure. Depreciation on the office building was allowed because possession and beneficial control were sufficient for ownership under section 32, even though formal transfer steps were incomplete. Prior period expenses and the section 14A read with Rule 8D disallowance were remanded for fresh examination in light of the relevant year of crystallization and the applicable legal position. The capital recovery on leased assets was also sent back to the Assessing Officer for reconsideration under earlier Tribunal directions. en-us Wed, 18 Jun 2014 00:00:00 +0530 Thu, 10 Jul 2014 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249427 Bond servicing expenses were treated as recurring revenue outgo, not capital expenditure, and the deduction was allowed. Bond issue expenses incurred to procure finance for the business were held allowable as business expenditure. Depreciation on the office building was allowed because possession and beneficial control were sufficient for ownership under section 32, even though formal transfer steps were incomplete. Prior period expenses and the section 14A read with Rule 8D disallowance were remanded for fresh examination in light of the relevant year of crystallization and the applicable legal position. The capital recovery on leased assets was also sent back to the Assessing Officer for reconsideration under earlier Tribunal directions. Case-Laws Income Tax Wed, 18 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249427