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2018 (3) TMI 519 - AT - Income TaxDepreciation on paper brands - allowable capital expenditure - Held that:- As relying on DCIT vs. ABC Paper Ltd [2017 (5) TMI 1539 - ITAT DELHI] wherein held since the assessee had purchased the user of brand name, trademark, logo for 3 years and similarly, the intellectual property right such as design, drawings, manufacturing processes and technical knowhow in respect of the products manufactured by unit was acquired, we hold that the expenditure incurred in this regard as valued by the approved valuer is capital expenditure on which the claimed depreciation was allowable - Decided in favour of assessee Depreciation on Chemical Recovery Plant - Held that:- Again relying on DCIT vs. ABC Paper Ltd [supra] wherein held AO vide his remand report as mentioned that he has duly verified the statutory Excise returns filed with the Central Excise Department alongwith Cenvat credit records wherein the said Cenvat credit pertaining the Chemical Recovery Plant (CRP) was entered and also its corresponding entries in the Excise records - RG 23 C Part II (Entry book of duty credit of capital goods) and tallied the same with the Central Excise records, original invoices and original IGPs. The original IGPs which are made at the time receipt of the material were also produced before the AO during the remand proceeding and were duly verified by him and tallied with the relevant invoices. The AO has not made any adverse comment whatsoever on merit. Impugned addition made by the AO cannot be sustained on facts or in law. - Decided in favour of assessee
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