https://www.taxtmi.com/caselaws?id=375070 The Tribunal upheld the deductibility of pre-operative expenses as revenue expenditure under Section 37(1) of the Income Tax Act, emphasizing the nature of the expenses over their treatment in the books. It directed the AO to delete the additional disallowance of expenses related to exempt income, finding it amounted to double taxation. The issue of ROC charges paid for increasing authorized capital was remanded for re-examination to determine if they were for issuing bonus shares, potentially qualifying as revenue expenditure. The revenue's appeals were dismissed, while the assessee's appeals were partly allowed, reflecting a comprehensive review of each issue. en-us Wed, 05 Dec 2018 00:00:00 +0530 Thu, 14 Feb 2019 06:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375070 The Tribunal upheld the deductibility of pre-operative expenses as revenue expenditure under Section 37(1) of the Income Tax Act, emphasizing the nature of the expenses over their treatment in the books. It directed the AO to delete the additional disallowance of expenses related to exempt income, finding it amounted to double taxation. The issue of ROC charges paid for increasing authorized capital was remanded for re-examination to determine if they were for issuing bonus shares, potentially qualifying as revenue expenditure. The revenue's appeals were dismissed, while the assessee's appeals were partly allowed, reflecting a comprehensive review of each issue. Case-Laws Income Tax Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375070