https://www.taxtmi.com/caselaws?id=378528 The High Court upheld the Income Tax Appellate Tribunal's decision to allow preoperative expenses as revenue expenditure. The court agreed with the tribunal's finding that the expenses were for expanding the existing business, not setting up a new industry. Emphasizing the unity of control and interconnection between the old and new business units, the court highlighted the continuity of business activities. Legal parameters, precedents, and Supreme Court rulings played a significant role in determining the nature of the expenses under the Income Tax Act. en-us Fri, 05 Apr 2019 00:00:00 +0530 Wed, 17 Apr 2019 16:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378528 The High Court upheld the Income Tax Appellate Tribunal's decision to allow preoperative expenses as revenue expenditure. The court agreed with the tribunal's finding that the expenses were for expanding the existing business, not setting up a new industry. Emphasizing the unity of control and interconnection between the old and new business units, the court highlighted the continuity of business activities. Legal parameters, precedents, and Supreme Court rulings played a significant role in determining the nature of the expenses under the Income Tax Act. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378528