https://www.taxtmi.com/caselaws?id=438630 The Tribunal upheld the decision of the Ld. CIT(A), dismissing the appeal of the Revenue. The expenses, although treated as capital in the books, were deemed revenue in nature for income tax purposes under section 37(1) of the IT Act. The Tribunal emphasized the business purpose of the expenses and their routine nature, following Indian accounting standards. The order of the Ld. CIT(A) was upheld, and the appeal of the Revenue was dismissed on 01/02/2023. en-us Wed, 01 Feb 2023 00:00:00 +0530 Mon, 05 Jun 2023 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438630 The Tribunal upheld the decision of the Ld. CIT(A), dismissing the appeal of the Revenue. The expenses, although treated as capital in the books, were deemed revenue in nature for income tax purposes under section 37(1) of the IT Act. The Tribunal emphasized the business purpose of the expenses and their routine nature, following Indian accounting standards. The order of the Ld. CIT(A) was upheld, and the appeal of the Revenue was dismissed on 01/02/2023. Case-Laws Income Tax Wed, 01 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438630