https://www.taxtmi.com/caselaws?id=270983 The Tribunal partly allowed the appeal, confirming the total loss assessed by the AO at Rs. 6,08,24,758. It classified technical services expenses and legal fees for increasing authorized capital as revenue expenditure, overturning the AO's classification as capital expenditure. However, it upheld the disallowances of provision for gratuity payment, late EPF contributions, and loss on sale of fixed assets. The initiation of penalty proceedings under section 271(1)(c) was not extensively discussed in the judgment. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 22 Jan 2016 09:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270983 The Tribunal partly allowed the appeal, confirming the total loss assessed by the AO at Rs. 6,08,24,758. It classified technical services expenses and legal fees for increasing authorized capital as revenue expenditure, overturning the AO's classification as capital expenditure. However, it upheld the disallowances of provision for gratuity payment, late EPF contributions, and loss on sale of fixed assets. The initiation of penalty proceedings under section 271(1)(c) was not extensively discussed in the judgment. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270983