Product Development Expenses shall be treated as Revenue Expenditure, eligible for Deduction: ITAT [Read Order]

Product development expenses would be eligible for deduction as revenue expenditure
ITAT - ITAT Delhi - Income Tax - Product Development - TAXSCAN

In a significant decision, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that product development expenses should be classified as revenue expenditure and are eligible for deduction. The company is  involved in manufacturing, supplying, erecting, and commissioning pollution control equipment, particularly bag filters and electrostatic precipitators, for various industrial sectors…

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