Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 1151 - AT - Income TaxConversion charges and parking charges – Revenue or capital in nature - Held that:- Following Bikaner Gypsums Ltd. vs CIT [1990 (10) TMI 2 - SUPREME Court] - If some expenditure incurred resulted into advantage of enduring benefit, the expenditure may not amount to acquisition of an asset - The assessee had paid amounts for one time conversion charges and for parking charges at the two outlets, the benefits of which might accrue to the assessee for indefinite period of time - These were incurred to enable the profit making structures to work more efficiently leaving the source or the profit making structure untouched - The expenditure were in the nature of levies/taxes paid by an assessee to a government authority for making available the required infrastructure to run the business efficiently and effectively – The expenses are revenue in nature - Decided against Revenue.
|