Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 1594 - HC - Income TaxTreatment to expenses claimed on crockery, cutlery, utensils, etc. - capital v/s revenue expenses - AO treating the expenses to be capital in nature on the premise that they were incurred in respect of a ‘resort launched for the first time’ - Held that:- By the impugned order of the ITAT, the Assessee’s appeal was allowed and the Revenue’s appeal was dismissed. The Court is not persuaded by the learned counsel for the Revenue that the above concurrent factual finding of the CIT (A) and the ITAT is perverse. No substantial question of law arises as regards the said issue. The entire expenditure incurred on crockery, cutlery, utensils, etc. should be treated as revenue expenditure. Addition on the basis of certain documents retrieved from the hard disc of the computer impounded during survey proceedings - Held that:- CIT (A) has in the order discussed in detail the reconciliation statement, which was prepared twice – once during the proceedings before the CIT (A). No discrepancy was found in the balance sheet and profit and loss account. This finding again has been concurred with by the ITAT in the impugned order. Revenue has been unable to persuade the Court that the concurrent factual finding is perverse. Revenue appeal dismissed.
|