https://www.taxtmi.com/caselaws?id=251806 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal. The expenditure claimed by the assessee under "Legal & Professional Fees" was held to be revenue in nature and not capital, as it did not lead to the creation of any enduring asset. The Court emphasized that the expenses incurred were for continuing benefits for one year and did not result in lasting asset creation, aligning with the commercial expediency principle. en-us Tue, 26 Aug 2014 00:00:00 +0530 Mon, 29 Sep 2014 07:59:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251806 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal. The expenditure claimed by the assessee under "Legal & Professional Fees" was held to be revenue in nature and not capital, as it did not lead to the creation of any enduring asset. The Court emphasized that the expenses incurred were for continuing benefits for one year and did not result in lasting asset creation, aligning with the commercial expediency principle. Case-Laws Income Tax Tue, 26 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251806