https://www.taxtmi.com/caselaws?id=345499 The Court determined that the expenses incurred by the Assessee for business expansion were revenue expenditure, not capital expenditure, as classified by the Assessing Officer. The Court held that the expenses directly related to the maintenance and operations of existing stocks, qualifying them as revenue expenditure. The Court emphasized that the Assessee's classification in its books of account did not dictate the nature of the expenditure. As the Assessee maintained a single set of accounts for all business activities and had commenced business expansion, the expenses were correctly categorized as revenue expenditure. The appeals were dismissed, with no costs awarded. en-us Wed, 05 Jul 2017 00:00:00 +0530 Wed, 19 Jul 2017 10:20:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345499 The Court determined that the expenses incurred by the Assessee for business expansion were revenue expenditure, not capital expenditure, as classified by the Assessing Officer. The Court held that the expenses directly related to the maintenance and operations of existing stocks, qualifying them as revenue expenditure. The Court emphasized that the Assessee's classification in its books of account did not dictate the nature of the expenditure. As the Assessee maintained a single set of accounts for all business activities and had commenced business expansion, the expenses were correctly categorized as revenue expenditure. The appeals were dismissed, with no costs awarded. Case-Laws Income Tax Wed, 05 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345499