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High Court Upholds ITAT Decision: Preoperative Project Development Costs Classified as Revenue Expenditure, Not Based on Book Treatment.

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....Expenses incurred for the preoperative period towards the project development cost - the treatment given in the books of account by the assessee would not be conclusive in income tax proceedings to decide whether the expenditure was revenue or capital - Order of ITAT allowing as revenue expenditure upheld. - HC....

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