Revenue exp. with no enduring benefit to be allowed as deduction in year of incurrence: Mumbai ITAT

INCOME TAX : Concept of deferred revenue expenditure is not there in Income-tax Act; hence, where assessee incurred expenditure on brokerage paid for obtaining investments in mutual funds and claimed expenditure incurred towards brokerage in statement of computation, revenue could not have denied same and fact that assessee had deferred expenditure in books of account would be irrelevant

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