https://www.taxtmi.com/caselaws?id=271926 The High Court dismissed the tax appeal, affirming that the disputed expenditure was revenue in nature and allowable under section 37 of the Income Tax Act. The Court emphasized the general rule of allowing revenue expenditure in the year it is incurred, referencing the Supreme Court decision in Taparia Tools Ltd. case. The Assessing Officer's disallowance based on accounting treatment was deemed insufficient to deny the expenditure claimed by the assessee. en-us Tue, 09 Feb 2016 00:00:00 +0530 Mon, 22 Feb 2016 09:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271926 The High Court dismissed the tax appeal, affirming that the disputed expenditure was revenue in nature and allowable under section 37 of the Income Tax Act. The Court emphasized the general rule of allowing revenue expenditure in the year it is incurred, referencing the Supreme Court decision in Taparia Tools Ltd. case. The Assessing Officer's disallowance based on accounting treatment was deemed insufficient to deny the expenditure claimed by the assessee. Case-Laws Income Tax Tue, 09 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271926