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2009 (8) TMI 16 - HC - Income TaxDisallowance of expenses - Rs.4,40,183/- out of travelling expenses, Rs. 1,10,804/-out of salary and Rs.53,543/- out of research and development expenses claimed by the assessee pertaining to M/s Honda Motor Cycles for which the assessee is a promoter and is separate identity under the head of Hero Honda Ltd. and came into existence afterwards revenue submitted that since it is a new venture and expenditure being of capital nature, that of promoter, cannot be allowed as revenue expenditure held that - finding of the Tribunal shows that the expenses had been incurred in the course of the business of the assessee with a view to get latest technology know-how of mopeds from Honda Motors Company Limited. In such a situation, the expenses incurred had nexus with the existing business of the assessee order of ITAT upheld deleting the allowing the deduction
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