https://www.taxtmi.com/caselaws?id=310399 The Tribunal ruled in favor of the assessee, classifying product registration expenses as revenue expenditure necessary for business operations, thus allowing these expenses under Section 37(1) of the Income Tax Act. It upheld the CIT(A)'s deletion of disallowance under Section 14A, presuming investments were made from sufficient interest-free funds, but remanded the case for verification of cash flow statements. The Tribunal maintained the imposition of interest under Sections 234B and 234C, consistent with the CIT(A)'s decision. The revenue's appeals were partly allowed for statistical purposes, pending further verification by the AO. en-us Thu, 30 Dec 2021 00:00:00 +0530 Sun, 22 Oct 2023 21:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310399 The Tribunal ruled in favor of the assessee, classifying product registration expenses as revenue expenditure necessary for business operations, thus allowing these expenses under Section 37(1) of the Income Tax Act. It upheld the CIT(A)'s deletion of disallowance under Section 14A, presuming investments were made from sufficient interest-free funds, but remanded the case for verification of cash flow statements. The Tribunal maintained the imposition of interest under Sections 234B and 234C, consistent with the CIT(A)'s decision. The revenue's appeals were partly allowed for statistical purposes, pending further verification by the AO. Case-Laws Income Tax Thu, 30 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310399