https://www.taxtmi.com/caselaws?id=404891 ITAT CHENNAI-AT held for the assessee and against the revenue, allowing deductions for prepaid expenses (stamp charges, loan processing fees, marketing/sourcing fees, share issue expenses) as revenue expenditure deductible in the year of incurrence. The Tribunal found the change in accounting method bona fide and permissible, that book entries are not conclusive, and that the expenses did not confer any enduring benefit or create assets. Since the AO did not dispute these were incurred wholly and exclusively for business, the CIT(A)'s allowance was upheld. en-us Mon, 01 Mar 2021 00:00:00 +0530 Mon, 06 Oct 2025 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404891 ITAT CHENNAI-AT held for the assessee and against the revenue, allowing deductions for prepaid expenses (stamp charges, loan processing fees, marketing/sourcing fees, share issue expenses) as revenue expenditure deductible in the year of incurrence. The Tribunal found the change in accounting method bona fide and permissible, that book entries are not conclusive, and that the expenses did not confer any enduring benefit or create assets. Since the AO did not dispute these were incurred wholly and exclusively for business, the CIT(A)'s allowance was upheld. Case-Laws Income Tax Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404891