https://www.taxtmi.com/caselaws?id=286440 The Tribunal upheld the CIT(A)'s decisions, allowing the deduction for acquisition cost of participation interest in oil blocks as intangible assets eligible for depreciation under section 32(1)(ii) and disallowing the expenditure on Sudan pipeline due to no liability arising. Additionally, pre-acquisition expenses were deemed allowable under section 37 as normal business expenditures. The Tribunal emphasized adherence to the mercantile system of accounting principles and consistency in its previous rulings. Both the assessee's and Revenue's appeals were dismissed. en-us Mon, 01 Jul 2019 00:00:00 +0530 Wed, 07 Sep 2022 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286440 The Tribunal upheld the CIT(A)'s decisions, allowing the deduction for acquisition cost of participation interest in oil blocks as intangible assets eligible for depreciation under section 32(1)(ii) and disallowing the expenditure on Sudan pipeline due to no liability arising. Additionally, pre-acquisition expenses were deemed allowable under section 37 as normal business expenditures. The Tribunal emphasized adherence to the mercantile system of accounting principles and consistency in its previous rulings. Both the assessee's and Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286440