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2011 (1) TMI 26 - HC - Income Tax
Depreciation on custom duty payment - Expenditure on the glow sign board - Depreciation on UPS - Initially capital goods imported under exemption but later customs duty paid on demand - Held that: - once the amount has gone out of the coffers of the assessee, the assessee would be entitled to capitalize the same - The assessee has spent the expenditure on the glow sign boards with an object to facilitate the business operation and not with an object to acquire asset of enduring nature. Therefore, the said expenditure was of revenue nature and the Tribunal has rightly treated the same as of revenue nature - depreciation @ 60% on UPS shall be allowed.