M/S.SHASUN CHEMICALS AND DRUGS LTD. vs. COMMISSIONER OF INCOME TAX, CHENNAI

The appeals are allowed

III) (1997) 10 SCC 362 = 225 ITR 798 SC, stating that the expenditure incurred is capital in nature and hence not allowable for computing the business profits. 7. Aggrieved against the aforesaid disallowance made by the Assessing Officer for the Assessment Year 1996-97, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), [herienafter referred