https://www.taxtmi.com/caselaws?id=61513 The Tribunal determined that the expenditure on designs and development of tools was revenue in nature as it aimed at improving existing products, not creating new assets. The expenditure was deemed allowable under section 37 of the Income Tax Act, as it did not result in acquiring a capital asset. The Revenue's appeal was dismissed, affirming the decision in favor of the assessee. en-us Fri, 30 Jun 2000 00:00:00 +0530 Thu, 13 Jan 2011 10:42:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61513 The Tribunal determined that the expenditure on designs and development of tools was revenue in nature as it aimed at improving existing products, not creating new assets. The expenditure was deemed allowable under section 37 of the Income Tax Act, as it did not result in acquiring a capital asset. The Revenue's appeal was dismissed, affirming the decision in favor of the assessee. Case-Laws Income Tax Fri, 30 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61513