Court :
Bombay High Court
Brief :
THE BOMBAY HIGH COURT HAS RULED that the expenditure incurred on development of a new product, in respect of the same business already carried on by the assessee, which subsequently failed to come into existence and was abandoned, is eligible for deduction as revenue expenditure.
Citation :
Income Tax Appeal No. 640 of 2018
Subscribe to CCI PRO for unlimited access
Already a PRO member? Login here for an ad-free experience.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English