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2012 (10) TMI 54 - AT - Income TaxMembership fees to National Multi Commodity Exchange of India - revenue or capital expenditure - assessee engaged in trading of grains and commission agents - Held that:- Membership fees of National Commodity Exchange of India cannot be considered to be of enduring nature and therefore the action of the A.O. in disallowing the amount holding it to be of capital nature was uncalled for - Decided in favor of assessee Addition to the extent of 10% of vehicle, telephone, insurance and depreciation on account of personal usage of the vehicle - capitalization of interest paid on loan taken for purchase of vehicle, before the use of vehicle - Held that:- Since the assessee has not been able to controvert the finding of the A.O. nor placed any material either before lower authorities or before us, addition made is upheld - Decided against assessee
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