2003 (2) TMI 20 - BOMBAY HIGH COURT

Expenditure incurred on VRS - incurred wholly and exclusively for the purposes of business - this expense was not referable to any income-yielding asset – Held that revenue expenditure, which is incurred wholly and exclusively for the purposes of business, must be allowed in its entirety in the year in which it is incurred and it cannot be spread over a number of years even though the assessee has written it off in its books over a period of years