https://www.taxtmi.com/caselaws?id=182399 The Tribunal upheld the CIT(A)'s decision, allowing product development expenses under section 37(1) as revenue expenditure for the assessment year 2002-03. The expenses were deemed to relate to the existing business and not for setting up a new line of business. Regarding depreciation recomputation, the Tribunal affirmed the CIT(A)'s directive to consider the disallowed amount from the previous year, resulting in partial allowance of the assessee's claim. The assessment's reopening under section 147 was deemed unnecessary after correcting the depreciation value, leading to the dismissal of both parties' appeals. en-us Wed, 20 Jan 2010 00:00:00 +0530 Mon, 09 May 2016 17:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182399 The Tribunal upheld the CIT(A)'s decision, allowing product development expenses under section 37(1) as revenue expenditure for the assessment year 2002-03. The expenses were deemed to relate to the existing business and not for setting up a new line of business. Regarding depreciation recomputation, the Tribunal affirmed the CIT(A)'s directive to consider the disallowed amount from the previous year, resulting in partial allowance of the assessee's claim. The assessment's reopening under section 147 was deemed unnecessary after correcting the depreciation value, leading to the dismissal of both parties' appeals. Case-Laws Income Tax Wed, 20 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182399