There is not concept of deferred revenue expenditure in Income Tax Act, 1961

Section Involved 37(1), 35D (35D is not applicable in this case, howver the same has been referred) Facts (Brief): The assessee had claimed the expenditure by partly debiting in Profit and Loss Account and Partly in Computation of Income. The expenditure related to borrowing of funds repayable over a period of time. Contentions/Appeal By Assessee (Before ITAT aggrieved with decision of CIT (A)) 5. That on the facts and in the circumstances of the case, the learned CIT (A) erred in upholding addition of Rs 12,22,63,212/ being expenditure incurred in respect of raising loan funds, by treating...