Revenue expenses u/s 37 allowed in same year, AO not authorized to treat as deferred revenue expenditure

Brief of the Case ITAT Delhi held In the case of ACIT vs. M/s Citi Financial Consumer Finance India Ltd. that this issue is squarely covered by assessee’s own case in ITA No. 4776/Del/2010 vide order dated 20.02.2015, for the assessment year 2006-07 passed by this Bench of the Tribunal in which it was held that, the expenditure on publicity and advertisement is to be treated as revenue in nature allowable fully in the year in which it was incurred. The expenditure was incurred to facilitate the assessee’s trading operations. No fixed capital was created by this expenditure. Also in the Inc...