https://www.taxtmi.com/caselaws?id=758123 The ITAT Visakhapatnam allowed the assessee's appeal regarding expenses for a feasibility report under Section 37. The Revenue had disallowed the amount claiming it created a new asset with enduring benefit. The ITAT held that no new capital asset of enduring nature was created, as the expenditure was for a Techno Economic Feasibility Report study for establishing a new port in the same line of business. Following the precedent in Tamilnadu Magnesite Ltd case by Madras HC, the ITAT deleted the addition made by Revenue Authorities and allowed the assessee's ground. en-us Thu, 05 Sep 2024 00:00:00 +0530 Fri, 06 Sep 2024 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758123 The ITAT Visakhapatnam allowed the assessee's appeal regarding expenses for a feasibility report under Section 37. The Revenue had disallowed the amount claiming it created a new asset with enduring benefit. The ITAT held that no new capital asset of enduring nature was created, as the expenditure was for a Techno Economic Feasibility Report study for establishing a new port in the same line of business. Following the precedent in Tamilnadu Magnesite Ltd case by Madras HC, the ITAT deleted the addition made by Revenue Authorities and allowed the assessee's ground. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758123