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2017 (11) TMI 898 - AT - Income TaxAllowable business expenses - expenditure incurred for New Lock project - Held that:- Technical know-how fees expenses pending for capitalization and differed revenue expenditure was not properly looked into by the Assessing Officer as well as by the CIT(A). Thus, the expenditure incurred for New Lock project has to be verified by the Assessing Officer as the Ld. AR submitted that New Lock project was a new product line belonging to the same business of the Auto-components and taken under the same company with unity of control and common funds and all the Expenditures, and if the said appreciated individually are all revenue in nature. The same has to be verified by the Assessing Officer. The matter needs to be remanded back before the Assessing Officer for this issue. Needless to say, the assessee be given opportunity of hearing.
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