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TMI Blog2017 (1) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... s mercantile system for the year 1992-93, it will come into force. The contention which has been raised by Mr. Singhi is required to be accepted, it can only be one time revenue expenditure and subsequent claim of the assessee will not be acceptable and if his claim is made and accepted, it will be for the department to recover the tax from the assessee. In that view of the matter, the issue is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the ITAT was justified in holding the expenditure as business expenditure when the assessee by virtue of said expenditure has acquired the benefits of enduring nature and as such were the same are not of capital nature? 3. It is not in dispute that the issue is raised in this appeal is squarely covered by the Division Bench judgment of this Court in D.B. Income Tax Reference No.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt mercantile system, therefore, though the point raised by Mr. Singhi is remained an academic issue but facts and law in mercantile system which is debited for the relevant year i.e. 1992-93. On first point, the contentions raised by Mr. Singhi has a doubt but in view of the consideration by us the relevant year debited entry in the books of account for the year 1992-93, therefore, resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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