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2019 (4) TMI 2051 - AT - Income TaxNature of expenditure - amount incurred on account of research & development expenses - capital expenditure or revenue expenditure - HELD THAT:- Since the assessee in the instant case was already in the business of manufacturing and trading of pharmaceuticals and the expenditure was incurred in the regular course of business i.e., for the purpose of manufacturing pharmaceuticals, therefore, no new asset is being developed and the expenditure in our opinion has to be treated as revenue in nature. The order of the CIT(A) on this issue is accordingly set aside and the ground raised by the assessee is allowed.
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