https://www.taxtmi.com/caselaws?id=299967 The Tribunal allowed the appeals of the Appellant for assessment years 2013-14 and 2014-15, directing the Assessing Officer to delete the disallowance of expenses claimed under "Assistance to Law Students." The Tribunal held that the expenses were revenue expenditures allowable under section 37(1) of the Income Tax Act, emphasizing the importance of professional judgment in determining allowable business expenses. It differentiated between revenue and capital expenditure, noting that the expenses were routine day-to-day expenditures for promoting the professional profile and not capital in nature. en-us Wed, 24 Feb 2021 00:00:00 +0530 Fri, 07 Jan 2022 08:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299967 The Tribunal allowed the appeals of the Appellant for assessment years 2013-14 and 2014-15, directing the Assessing Officer to delete the disallowance of expenses claimed under "Assistance to Law Students." The Tribunal held that the expenses were revenue expenditures allowable under section 37(1) of the Income Tax Act, emphasizing the importance of professional judgment in determining allowable business expenses. It differentiated between revenue and capital expenditure, noting that the expenses were routine day-to-day expenditures for promoting the professional profile and not capital in nature. Case-Laws Income Tax Wed, 24 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299967