https://www.taxtmi.com/caselaws?id=4055 The High Court ruled in favor of the assessee in both issues. In Issue 1, the court held that the payment for tools and dies was a revenue expenditure since the assets remained with the manufacturer, aligning with past treatment and legal principles. For Issue 2, the court allowed the deduction for the holiday incentive scheme provision, deeming it a certain business liability integral to sales, in line with the assessee's accounting practices and legal precedents. The appeal was dismissed without costs. en-us Thu, 30 Aug 2007 00:00:00 +0530 Sat, 26 Jul 2008 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4055 The High Court ruled in favor of the assessee in both issues. In Issue 1, the court held that the payment for tools and dies was a revenue expenditure since the assets remained with the manufacturer, aligning with past treatment and legal principles. For Issue 2, the court allowed the deduction for the holiday incentive scheme provision, deeming it a certain business liability integral to sales, in line with the assessee's accounting practices and legal precedents. The appeal was dismissed without costs. Case-Laws Income Tax Thu, 30 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4055