Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 872 - ITAT CHENNAIRevenue expenditure or capital expenditure - Expenditure on introduction of new technology - Held that:- Tribunal while adjudicating the matter has also taken into consideration various case laws decided by the hon'ble Supreme Court of India including Assam Bengal Cement Co. Ltd. v. CIT reported as [1954 (11) TMI 2 - SUPREME Court]; Empire Jute Co. Ltd. v. CIT reported as [1980 (5) TMI 1 - SUPREME Court] ; Alembic Chemical Works Co. Ltd. v. CIT [1989 (3) TMI 5 - SUPREME Court] ; and the order of the Tribunal in the case of Vijayeswari Textiles Ltd., in [2011 (8) TMI 1060 - ITAT CHENNAI]. The co-ordinate Bench of the Tribunal after discussing the facts of the case and the aforesaid decisions of the hon'ble apex court came to the conclusion that the expenditure incurred by the assessee on introducing the compact spinning system is revenue in nature and is thus an allowable expenditure. - Following decision of assessee's own previous case [2012 (1) TMI 103 - ITAT CHENNAI] - Decided against the revenue.
|