https://www.taxtmi.com/caselaws?id=362409 The High Court allowed the appeals, set aside the Tribunal's order, and held that the expenses claimed by Tamilnadu Magnesite Limited were revenue in nature. The court emphasized that the expenses did not result in the creation of a new asset or enduring benefit, therefore qualifying as revenue expenditure. The court ruled in favor of the assessee, highlighting that the nature of expenditure should be assessed based on its impact on creating assets or benefits, rather than the source of funds used for the expenditure. en-us Tue, 05 Jun 2018 00:00:00 +0530 Thu, 04 Oct 2018 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362409 The High Court allowed the appeals, set aside the Tribunal's order, and held that the expenses claimed by Tamilnadu Magnesite Limited were revenue in nature. The court emphasized that the expenses did not result in the creation of a new asset or enduring benefit, therefore qualifying as revenue expenditure. The court ruled in favor of the assessee, highlighting that the nature of expenditure should be assessed based on its impact on creating assets or benefits, rather than the source of funds used for the expenditure. Case-Laws Income Tax Tue, 05 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362409