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2013 (9) TMI 750 - HC - Income TaxExpenditure incurred of preparation of project report and expenses on foreign travel for the new project, Revenue in nature or capital in nature – Held that:- The project in the present case was for setting up a new plant for manufacturing chemicals with new technology, which was not manufactured by the assessee earlier and thus it cannot be said that the project was for the purpose of expansion and extension of existing business in the same line. The foreign trips also did not demonstrate that the discussions were held for setting up plant to expand or extend the existing manufacturing facility of chemicals – Expenditure incurred is capital in nature – Decided in favor of Revenue.
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