Assessee-company is engaged in business of manufacturing paints and enamels.It incurred expenditure on exploring various business opportunities on decorative paints business in Indonesia and Turkey constituted an extension of existing business of assessee. Allowable as revenue in nature. (AY. 2014-15)
Asian Paints Ltd. v. ACIT (2024) 205 ITD 680 (Mum)(Trib)
S.37(1): Business expenditure-Decorative paint business-Capital or revenue-Extension of existing business-Revenue expenditure.