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2016 (9) TMI 1600 - AT - Income TaxNature of expenses - logo charges - revenue or capital expenditure - HELD THAT:- As decided in own case [2012 (10) TMI 1001 - ITAT CHENNAI] title of the ‘logo’ in question has not passed over to the assessee. Further, there is no acquisition of assets or part of any capital asset. Usage of logo by the assessee is only for displaying it on the product manufactured i.e. rubber contraceptives. That too, for a limited period as provided in the agreement in lieu of payment @ 2% of the gross sales. When we apply the tenor of the case law above cited to the facts of the instant case, we hold the instant ‘logo’ charges are also revenue expenditure within the meaning of Sec.37 of the Act in the nature of wholly and exclusively for the purpose of assessee’s business.
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