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2003 (11) TMI 6 - HC - Income TaxExpenditure on construction of building - Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law to come to the conclusion that the expenditure on construction of textile institute building was a business expenditure allowable as revenue expenditure when the facts that the assessee got a permanent right to nominate its employee for training in further years was not controverted by the assessee?" - Expenses wholly and exclusively incurred for the purpose of the business of the assessee and was not in the nature of capital expenditure. Therefore, the same is allowable as revenue expenses under section 37(1) of the Income-tax Act, 1961. The Tribunal was justified in reaching this conclusion
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