https://www.taxtmi.com/caselaws?id=399430 The Tribunal partly allowed the assessee's appeal, notably deleting the disallowance of Rs. 10,42,41,078/- for R&D expenditure. The Tribunal emphasized that the expenditure was incurred to fulfill specific customer requirements and should be treated as revenue expenditure under section 37 of the Income Tax Act. Additionally, the Tribunal considered allowing the expenditure under section 35 of the Act. Other issues, such as the levy of interest and initiation of penalty, were rejected by the Tribunal. en-us Mon, 05 Oct 2020 00:00:00 +0530 Sat, 10 Oct 2020 15:49:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399430 The Tribunal partly allowed the assessee's appeal, notably deleting the disallowance of Rs. 10,42,41,078/- for R&D expenditure. The Tribunal emphasized that the expenditure was incurred to fulfill specific customer requirements and should be treated as revenue expenditure under section 37 of the Income Tax Act. Additionally, the Tribunal considered allowing the expenditure under section 35 of the Act. Other issues, such as the levy of interest and initiation of penalty, were rejected by the Tribunal. Case-Laws Income Tax Mon, 05 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399430