An assessee was engaged in the business of dealing in commodities. He had paid Commodities transaction tax of Rs.15,000 in respect of the taxable commodities transactions. Income arising of Rs 3,00,000 from such taxable commodities transactions was included in the income computed under the head "Profits and gains of business or profession". Such expenditure of payment of Commodities transaction tax shall be considered as

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The payment of Commodities Transaction Tax (CTT) by an assessee engaged in the business of dealing in commodities is considered a revenue expenditure. This is because it is an expense incurred in the ordinary course of business operations, directly related to the business's revenue-generating activities.

An Assessee Was Engaged in the Business of Dealing in Commodities