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2014 (1) TMI 1431 - AT - Income TaxDeletion of Disallowance claimed on brokerage and commission – Held that:- The decision in Assistant Commissioner Of Income-tax, Ahmedabad Circle - 1, Ahmedabad. Versus Ashima Syntex Limited. [2008 (10) TMI 298 - ITAT AHMEDABAD-B] followed – the CIT(A) after considering the submissions, deleted the disallowance of commission/brokerage expenses - the nature of the expenditure treated as a "deferred revenue expenditure" in the books needs to be properly analysed before taking a view on its allowability or otherwise under the provisions of the Act - where the nature of the revenue expenditure is such that the same can be clearly and unambiguously identified over specified future time periods (e.g., discount on issue of debentures) akin to pre-paid expenses the same would be allowable over the period to which these relate proportionately - when the Tribunal has recorded a finding that the expenses relating to obtaining fixed deposits are closely linked with the business requirement of the assessee, such expenses are allowable expenses – thus, the Tribunal was right in holding that the expenses for obtaining fixed deposits from the public is revenue in nature – the order of the CIT(A) upheld – Decided against Revenue.
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