https://www.taxtmi.com/caselaws?id=185963 The Tribunal dismissed both departmental appeals regarding deferred revenue expenditure and depreciation on goodwill for A.Y. 2003-04, upholding the CIT(A)'s decisions. It emphasized that necessary business expenses should be allowed under sec. 37(1) of the Income Tax Act. Additionally, the Tribunal directed the CIT(A) to reconsider the validity of reassessment proceedings for the same year, providing the assessee with a fair opportunity to present their case. The cross objection of the assessee was allowed for statistical purposes. en-us Fri, 15 Oct 2010 00:00:00 +0530 Sat, 03 Sep 2016 15:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185963 The Tribunal dismissed both departmental appeals regarding deferred revenue expenditure and depreciation on goodwill for A.Y. 2003-04, upholding the CIT(A)'s decisions. It emphasized that necessary business expenses should be allowed under sec. 37(1) of the Income Tax Act. Additionally, the Tribunal directed the CIT(A) to reconsider the validity of reassessment proceedings for the same year, providing the assessee with a fair opportunity to present their case. The cross objection of the assessee was allowed for statistical purposes. Case-Laws Income Tax Fri, 15 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185963