https://www.taxtmi.com/caselaws?id=325316 The Tribunal upheld the CIT(A)'s decisions on all grounds, dismissing the Revenue's appeal. The payments towards NPV were considered revenue expenditure necessary for business continuity. Expenses for the unsuccessful project bidding were viewed as part of ongoing operations. Bad debts and prior period expenses were allowed as legitimate business expenditures. The Tribunal emphasized the statutory and business necessity of these expenses, classifying them as revenue expenses under the Income Tax Act. en-us Wed, 02 Mar 2016 00:00:00 +0530 Tue, 15 Mar 2016 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325316 The Tribunal upheld the CIT(A)'s decisions on all grounds, dismissing the Revenue's appeal. The payments towards NPV were considered revenue expenditure necessary for business continuity. Expenses for the unsuccessful project bidding were viewed as part of ongoing operations. Bad debts and prior period expenses were allowed as legitimate business expenditures. The Tribunal emphasized the statutory and business necessity of these expenses, classifying them as revenue expenses under the Income Tax Act. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325316