High Court Affirms ITAT: Business Expenses for Convenience and Profit Without New Assets Are Deductible.

Nature of expenditure - Deduction on account of capital work-in-progress written off in computation of its income - The ITAT’s view that if an expenditure is incurred for doing the business in a more convenient and profitable manner and has not resulted in bringing any new asset into existence, then, such expenditure is allowable business expenditure, is correct - HC .....

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