TMI BlogClaim of deduction / loss relating to the 'project expenses' in the computation of taxable total income...Claim of deduction / loss relating to the 'project expenses' in the computation of taxable total income - AO fell in error in going by the fact that the expenditure was incurred from the capital account forgetting that the test to be applied to ascertain as to whether the expenditure is revenue or capital is not based on where the funds were drawn from. - allowed as revenue expenditure. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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