https://www.taxtmi.com/caselaws?id=28988 The High Court upheld the Tribunal's decision in favor of the assessee, emphasizing the distinction between setting up a business and commencing manufacturing operations. It ruled that expenses related to the manufacturing and trading account should be considered along with the opening stock and purchase price of raw materials. The Court found that the Revenue's argument on the timing of expenditure was not raised before the Tribunal and therefore could not be entertained at that stage. Each party was directed to bear their own costs. en-us Tue, 13 Jul 1982 00:00:00 +0530 Tue, 09 Mar 2010 12:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28988 The High Court upheld the Tribunal's decision in favor of the assessee, emphasizing the distinction between setting up a business and commencing manufacturing operations. It ruled that expenses related to the manufacturing and trading account should be considered along with the opening stock and purchase price of raw materials. The Court found that the Revenue's argument on the timing of expenditure was not raised before the Tribunal and therefore could not be entertained at that stage. Each party was directed to bear their own costs. Case-Laws Income Tax Tue, 13 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28988