https://www.taxtmi.com/caselaws?id=414745 The ITAT Chennai ruled in favor of the assessee in an appeal concerning the treatment of Research & Development (R&D) expenditure as capital expenditure for Assessment Year 2015-16. The ITAT held that the R&D expenditure, aimed at enhancing technology expertise and increasing revenue, was revenue in nature and did not result in the creation of new capital assets, reversing the depreciation granted by the AO. Additionally, the ITAT allowed the appeal regarding the addition on account of a discrepancy in directors' remuneration, emphasizing that the reimbursements were genuine and not taxable. en-us Tue, 12 Oct 2021 00:00:00 +0530 Mon, 15 Nov 2021 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414745 The ITAT Chennai ruled in favor of the assessee in an appeal concerning the treatment of Research & Development (R&D) expenditure as capital expenditure for Assessment Year 2015-16. The ITAT held that the R&D expenditure, aimed at enhancing technology expertise and increasing revenue, was revenue in nature and did not result in the creation of new capital assets, reversing the depreciation granted by the AO. Additionally, the ITAT allowed the appeal regarding the addition on account of a discrepancy in directors' remuneration, emphasizing that the reimbursements were genuine and not taxable. Case-Laws Income Tax Tue, 12 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414745