https://www.taxtmi.com/caselaws?id=271648 The High Court dismissed the tax appeal, upholding the allowance of deferred revenue expenditure claimed by the assessee. The Court emphasized that revenue expenditure should be allowed in the year it is incurred, irrespective of accounting treatment, unless specifically provided otherwise in the Income Tax Act. The decision was based on the Supreme Court ruling in Taparia Tools Ltd. case, reinforcing the principle that the nature of expenditure as revenue or capital should be determined independently of accounting entries. en-us Tue, 09 Feb 2016 00:00:00 +0530 Thu, 11 Feb 2016 01:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271648 The High Court dismissed the tax appeal, upholding the allowance of deferred revenue expenditure claimed by the assessee. The Court emphasized that revenue expenditure should be allowed in the year it is incurred, irrespective of accounting treatment, unless specifically provided otherwise in the Income Tax Act. The decision was based on the Supreme Court ruling in Taparia Tools Ltd. case, reinforcing the principle that the nature of expenditure as revenue or capital should be determined independently of accounting entries. Case-Laws Income Tax Tue, 09 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271648