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2013 (10) TMI 1367 - HC - Income TaxAllowability of expenditure - revenue expenses - Held that:- As in the case of Commissioner of Income TaxI vs. Gujarat State Fertilizer & Chemicals Limited rendered [2013 (6) TMI 776 - GUJARAT HIGH COURT] wherein the Division Bench of this Court has held that once the expenditure is held to be in revenue in nature incurred wholly and exclusively for the purpose of business, it can be allowed in its entirety in the year in which it is incurred. In view of the above direct decision of this Court, question no.1 in respective appeals is required to be held in favour of assessee and against the revenue by holding that the respective Corporate Debt Restructuring expenses was revenue expenditure and the same was required to be allowed in the respective assessment years. Lease rent was deductible as revenue expenditure.
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