https://www.taxtmi.com/caselaws?id=376703 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The Tribunal concluded that the product development expenses for existing product improvement qualified as revenue expenditure, not resulting in asset creation. Emphasizing the essential nature of the expenditure for efficient business operation, the Tribunal relied on precedents to support its decision. The appeal was deemed lacking in merit, affirming the treatment of product development expenses as revenue expenditure. en-us Wed, 16 Jan 2019 00:00:00 +0530 Fri, 15 Mar 2019 08:26:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376703 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The Tribunal concluded that the product development expenses for existing product improvement qualified as revenue expenditure, not resulting in asset creation. Emphasizing the essential nature of the expenditure for efficient business operation, the Tribunal relied on precedents to support its decision. The appeal was deemed lacking in merit, affirming the treatment of product development expenses as revenue expenditure. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376703