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2014 (9) TMI 1072 - AT - Income TaxAllowance of expenditure under section 35D - Held that:- The issue was restored to the file of Ld. CIT(A) in earlier years for determining afresh on the basis of the record for A.Y. 2006-07 being the first year of the claim. Since this is a consequential claim and matters are pending before the Ld. CIT(A) in earlier years, we restore the issue to the file of Ld. CIT(A) to consider it afresh in the light of findings given for A.Y. 2006-07. Allowance of expenditure on buy back of equity shares - Held that:- In the appellant's case, the expenditure incurred on buy back of shares was not capital expenditure as it was only incurred wholly and exclusively for the purpose of carrying on its business as enunciated u/s 37 (1) of the Act and has to be treated as business expenditure
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