https://www.taxtmi.com/caselaws?id=309964 The Tribunal allowed the appeals filed by the assessee, with the revenue's appeal partly allowed for statistical purposes. The Tribunal emphasized adherence to prescribed procedures under the Income Tax Act, directing the assessee to furnish necessary reports for examination. It held that product launch expenses should be fully allowed, rejecting the concept of deferred revenue expenditure. Additionally, it directed the AO to allow advertisement and public relation expenses, noting the promotional nature of the expenses. The Tribunal also ordered a re-examination of the disallowed Excise Vend fee and Octroi Duty, requiring substantiation of the reimbursement claim. en-us Fri, 12 Jun 2015 00:00:00 +0530 Thu, 28 Sep 2023 21:25:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309964 The Tribunal allowed the appeals filed by the assessee, with the revenue's appeal partly allowed for statistical purposes. The Tribunal emphasized adherence to prescribed procedures under the Income Tax Act, directing the assessee to furnish necessary reports for examination. It held that product launch expenses should be fully allowed, rejecting the concept of deferred revenue expenditure. Additionally, it directed the AO to allow advertisement and public relation expenses, noting the promotional nature of the expenses. The Tribunal also ordered a re-examination of the disallowed Excise Vend fee and Octroi Duty, requiring substantiation of the reimbursement claim. Case-Laws Income Tax Fri, 12 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309964