https://www.taxtmi.com/caselaws?id=196435 The HC upheld the Tribunal's decision in favor of the assessee on two issues. First, payments made to a management consultant, M/s. McKinsey & Co., were deemed revenue expenditure, as they were for business restructuring, not initiating a new business. Second, interest paid on borrowed capital was allowed as a revenue expenditure for business expansion. The HC agreed with the Tribunal's interpretation and dismissed the revenue's appeals, citing precedents that supported the assessee's position on both issues. en-us Wed, 18 Jun 2008 00:00:00 +0530 Sun, 10 Dec 2023 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196435 The HC upheld the Tribunal's decision in favor of the assessee on two issues. First, payments made to a management consultant, M/s. McKinsey & Co., were deemed revenue expenditure, as they were for business restructuring, not initiating a new business. Second, interest paid on borrowed capital was allowed as a revenue expenditure for business expansion. The HC agreed with the Tribunal's interpretation and dismissed the revenue's appeals, citing precedents that supported the assessee's position on both issues. Case-Laws Income Tax Wed, 18 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196435