HC allowed revenue exp. even if it was claimed for first time in course in assessment proceedings

April 15, 2015[2015] 55 taxmann.com 477 (Gujarat)

IT: Claim of revenue expenditure made for first time in course of assessment proceeding without revising return of income, was allowable under section 37(1)

IT: Lease rent paid for machinery and equipments taken on lease for establishing a new plant, for period during which new plant had not commenced production, was revenue expenditure

IT: Interest on hire purchase in relation to new plant and interest and commitment charges in relation to expansion of existing plant, were deductible either under section 36(1)(iii) or 37(1)