https://www.taxtmi.com/caselaws?id=11934 The case involved the assessment years 1988-89 and 1989-90, where the company incurred expenses on management fees and lease rent before production commenced. Initially treated as capital expenditure, the Commissioner revised the assessment, disallowing them as revenue expenditure. The Tribunal, acknowledging they were not revenue expenditure or covered by the Act, allowed amortization over ten years as preliminary expenses. However, this decision was overturned, emphasizing that expenses not specified in the Act cannot be amortized. The judgment favored the Revenue, rejecting the allowance of amortization for expenses beyond the Act's provisions. en-us Tue, 24 Sep 2002 00:00:00 +0530 Fri, 12 Feb 2010 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11934 The case involved the assessment years 1988-89 and 1989-90, where the company incurred expenses on management fees and lease rent before production commenced. Initially treated as capital expenditure, the Commissioner revised the assessment, disallowing them as revenue expenditure. The Tribunal, acknowledging they were not revenue expenditure or covered by the Act, allowed amortization over ten years as preliminary expenses. However, this decision was overturned, emphasizing that expenses not specified in the Act cannot be amortized. The judgment favored the Revenue, rejecting the allowance of amortization for expenses beyond the Act's provisions. Case-Laws Income Tax Tue, 24 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11934