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2018 (9) TMI 105 - HC - Income TaxDeduction u/s 80HHC - face value of Duty Entitlement Pass Book Scheme (DEPB) would fall under Section 28 (iiib) - differential between the sale value and face value of such instruments would fall under Section 28(iiid) thereof or not - Held that:- Following an earlier decision of the Tribunal in the assessee’s own case for the assessment year 2003-04, the Tribunal remanded the matter to the assessing officer for re-computation. In the decision of the Hon’ble Supreme Court of India in the case of TOPMAN EXPORTS Vs. COMMISSIONER OF INCOME TAX [2012 (2) TMI 100 - SUPREME COURT OF INDIA] it has been held that when DEPB is sold by a person, his profit on transfer thereof less its face value would represent the cost of the said instrument and not the entire sum received by him. Nature of expenditure - whether expenditure for laying down power evacuation line to connect the assessee’s plant to the grid belonging to the State Electricity Board would constitute revenue expenditure or capital expenditure? - Held that:- In CIT –vs- Gujarat Mineral Development Corporation (1997 (9) TMI 101 - SUPREME COURT) it was held that amount paid to Electricity Board for laying electric cables and electric supply transmission lines etc. for assessee’s benefication plant for separating waste material from useful material was held to be of revenue expenditure. In National Organic Chemical Industries Ltd. –vs- CIT (1993 (2) TMI 48 - BOMBAY HIGH COURT), it was held that expenditure on construction of jetty for facilitating trading operation of the assessee is a revenue expenditure in spite of the fact that the property of the jetty is to remain with the government but the assessee was responsible to keep the jetty in good order.
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