https://www.taxtmi.com/caselaws?id=348286 The High Court set aside the ITAT's order and the consequential AO's order, ruling in favor of the Assessee on both issues. The Court held that under Section 35(2AB) of the Income Tax Act, both revenue and capital expenditure are allowable entirely, emphasizing the legislative intent to encourage innovation. Additionally, the Court found the AO's reasoning inadequate for disallowing expenses under Section 14A, emphasizing the necessity for proper documentation and satisfaction. en-us Fri, 15 Sep 2017 00:00:00 +0530 Sat, 18 Nov 2017 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348286 The High Court set aside the ITAT's order and the consequential AO's order, ruling in favor of the Assessee on both issues. The Court held that under Section 35(2AB) of the Income Tax Act, both revenue and capital expenditure are allowable entirely, emphasizing the legislative intent to encourage innovation. Additionally, the Court found the AO's reasoning inadequate for disallowing expenses under Section 14A, emphasizing the necessity for proper documentation and satisfaction. Case-Laws Income Tax Fri, 15 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348286