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2013 (8) TMI 935 - AT - Income TaxRevenue outgo incurred on Compact Drafting System allowed as revenue expenditure. Expenditure of carding machines gave enduring benefit to the assessee and was a capital outgo. Claim of the assessee under Section 80-IA - Held that:- Initial assessment year could only be considered as the first year in which assessee had claimed deduction under Section 80-IA of the Act, and by virtue of the decision of Hon'ble jurisdictional High Court in the case of Velayudhaswamy Spinning Mills v. ACIT (2010 (3) TMI 860 - Madras High Court), for the purpose of claiming deduction under Section 80-IA, each unit has to be considered independently. Lower authorities fell in error in considering the Carbon Credit as revenue receipts.
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