Litigation expense incurred for possession of asset for conducting business is revenue in nature

Mangalam Arts Vs DCIT (ITAT Jaipur) Held that assessee has no interest in the ownership of the asset but he is in possession of the asset for conducting its business, the litigation expenditure incurred is only to protect his business and, therefore, the same is revenue expenditure. Facts- During the course of assessment proceedings, AO held that assessee is in possession of the said property and utilizing the same from the beginning and, therefore, the litigation expenses incurred for continued possession of the immovable property where assesee’s office and factory are located is expenditur...