Bombay High Court Partially Allows Revenue's Appeal in Raymond Ltd. Tax Case — Disallowance of Foreign Expenses on Directors' Relatives Upheld, Pre-operative Expenses Held Revenue in Nature. The court held that foreign expenses on relatives of directors are not allowable as business expenditure, while pre-operative expenses for establishing a new division are capital in nature.
20 Mar 2012The case is an appeal by the Revenue against an order of the Income Tax Appellate Tribunal (ITAT) dated 22 March 2007 for Assessment Year 1992-93. The...
