https://www.taxtmi.com/caselaws?id=357248 The Tribunal dismissed the AO's appeals for both assessment years, affirming that Production Registration Expenses (PRE) should be treated as revenue expenditure. The First Appellate Authority's decision was upheld, emphasizing that the expenses were necessary for day-to-day business operations and did not provide an enduring benefit. The Tribunal directed the FAA to follow the judgment of the Hon'ble Bombay High Court regarding the grant of interest under section 244A of the Income-tax Act, 1961. The Cross Objection of the assessee was allowed for statistical purposes. en-us Fri, 16 Mar 2018 00:00:00 +0530 Mon, 19 Mar 2018 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357248 The Tribunal dismissed the AO's appeals for both assessment years, affirming that Production Registration Expenses (PRE) should be treated as revenue expenditure. The First Appellate Authority's decision was upheld, emphasizing that the expenses were necessary for day-to-day business operations and did not provide an enduring benefit. The Tribunal directed the FAA to follow the judgment of the Hon'ble Bombay High Court regarding the grant of interest under section 244A of the Income-tax Act, 1961. The Cross Objection of the assessee was allowed for statistical purposes. Case-Laws Income Tax Fri, 16 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357248