https://www.taxtmi.com/caselaws?id=457095 ITAT Bangalore ruled on product development expenses, finance lease expenses, and brought forward losses. The tribunal restored the product development expenses issue to AO for fresh examination to determine whether expenses were incurred for assessee's own account or for associated enterprise benefit, and whether they constitute revenue or capital expenditure. For finance lease expenses, ITAT directed AO to allow the claim following SC precedent that lessees can deduct lease payments. Regarding brought forward losses, the tribunal agreed with DRP's direction for AO to verify records and allow set-off if available per statutory provisions. en-us Tue, 14 Mar 2023 00:00:00 +0530 Thu, 05 Sep 2024 21:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457095 ITAT Bangalore ruled on product development expenses, finance lease expenses, and brought forward losses. The tribunal restored the product development expenses issue to AO for fresh examination to determine whether expenses were incurred for assessee's own account or for associated enterprise benefit, and whether they constitute revenue or capital expenditure. For finance lease expenses, ITAT directed AO to allow the claim following SC precedent that lessees can deduct lease payments. Regarding brought forward losses, the tribunal agreed with DRP's direction for AO to verify records and allow set-off if available per statutory provisions. Case-Laws Income Tax Tue, 14 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457095