Assessee following mercantile method of accounting, therefore, expense which was incurred during year under consideration was recognized and claimed as a deduction. Followed Mysore Spinning and Manufacturing Co. Ltd. v. CIT (1966) 61 ITR 572 (Bom)(HC) . ( AY.2009-10)
Knight Riders Sports P. Ltd. v. ACIT (2017) 51 CCH 591 / ( 2018) 193 TTJ 313 (Mum.)(Trib.)
S. 37(1) : Business expenditure -Designing and exhibition of player outfits —Held to be revenue expenditure.