1998 (12) TMI 14 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee regarding the deduction of project costs incurred in previous financial years. The Tribunal held that the expenditure could be claimed in the year the clarification was received, and not necessarily in the year it was incurred. The court found no error in the Tribunal's decision and ruled in favor of the assessee against the Revenue.