https://www.taxtmi.com/caselaws?id=296150 The ITAT Chennai allowed the appeals of the assessee for A.Y. 2003-04 and 2007-08. The disallowances of miscellaneous income, prior period expenses, and expenses for prepayment premium and interest recompense were overturned. The Tribunal held that the scrap sale income reduced erection costs, prior period expenses were deductible, and the expenses for prepayment and interest recompense were revenue expenditures. The Assessing Officer was directed to allow the deductions claimed by the assessee based on the specific circumstances of each issue. en-us Fri, 20 Mar 2015 00:00:00 +0530 Wed, 07 Jul 2021 09:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296150 The ITAT Chennai allowed the appeals of the assessee for A.Y. 2003-04 and 2007-08. The disallowances of miscellaneous income, prior period expenses, and expenses for prepayment premium and interest recompense were overturned. The Tribunal held that the scrap sale income reduced erection costs, prior period expenses were deductible, and the expenses for prepayment and interest recompense were revenue expenditures. The Assessing Officer was directed to allow the deductions claimed by the assessee based on the specific circumstances of each issue. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296150