https://www.taxtmi.com/caselaws?id=337876 The Tribunal partly allowed the assessee's appeal, concluding that consultancy expenditure for software development should be treated as revenue expenditure due to its facilitation of trading operations. The disallowance of directors' foreign travel expenses was overturned as lacking sound reasoning. The levy of penalty under section 234B was upheld as mandatory, and the appeal on penalty proceedings under section 271(1)(c) was dismissed as premature. The revenue's appeal disputing certain expenses as revenue or capital was also dismissed, upholding the CIT(A)'s decision. The order was pronounced on 16/01/2017. en-us Mon, 16 Jan 2017 00:00:00 +0530 Thu, 19 Jan 2017 08:31:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337876 The Tribunal partly allowed the assessee's appeal, concluding that consultancy expenditure for software development should be treated as revenue expenditure due to its facilitation of trading operations. The disallowance of directors' foreign travel expenses was overturned as lacking sound reasoning. The levy of penalty under section 234B was upheld as mandatory, and the appeal on penalty proceedings under section 271(1)(c) was dismissed as premature. The revenue's appeal disputing certain expenses as revenue or capital was also dismissed, upholding the CIT(A)'s decision. The order was pronounced on 16/01/2017. Case-Laws Income Tax Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337876