https://www.taxtmi.com/caselaws?id=26290 The High Court of Karnataka ruled in favor of the taxpayer, the Karnataka State Industrial & Investment Development Corporation Ltd., determining that the expenditure on project reports and feasibility studies was revenue expenditure rather than capital expenditure. The Court upheld the decisions of the Appellate Assistant Commissioner and the Tribunal, finding that the expenditure aligned with the nature of the taxpayer's business activities. Consequently, the Court held that the expenditure was correctly classified as revenue expenditure, rejecting the Revenue's argument for capital expenditure classification. Each party was directed to bear their own costs. en-us Thu, 06 Feb 1986 00:00:00 +0530 Thu, 04 Feb 2010 10:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26290 The High Court of Karnataka ruled in favor of the taxpayer, the Karnataka State Industrial & Investment Development Corporation Ltd., determining that the expenditure on project reports and feasibility studies was revenue expenditure rather than capital expenditure. The Court upheld the decisions of the Appellate Assistant Commissioner and the Tribunal, finding that the expenditure aligned with the nature of the taxpayer's business activities. Consequently, the Court held that the expenditure was correctly classified as revenue expenditure, rejecting the Revenue's argument for capital expenditure classification. Each party was directed to bear their own costs. Case-Laws Income Tax Thu, 06 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26290