Expenditure of Bio-technology Research & Development allowed before commencement of business

Aban Infrastructure Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that expenditure of Bio-technology Research & Development cannot be disallowed simply on the allegation that expenditure was incurred before the commencement of a new line of business as such matching concept not application in the present case. Facts- The assessee has preferred the present appeal on the only ground urging disallowance of expenditure of Rs. 169.60 Lakhs on Bio-technology Research & Development during the relevant year. Assessee alleged that revenue has no right to disallow the expenditure without making ...