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2020 (10) TMI 943 - HC - Income TaxRevision u/s 263 - Pre-Operative Expenses as per Schedule-6 to the audited Profit & Loss Account is not covered by Section 35D and the expenses are required to be capitalised with the block of depreciable assets - HELD THAT:- Whether it was an income, taxable or not or whether it was an expenditure, to be capitalised or not, are entirely two different fields and therefore, both the authorities appear to have proceeded on a wholly wrong premise or under a confusion in the matter. These orders have been passed in a casual manner without proper enquiry into the facts by both the fact finding authorities. Therefore, in our opinion, the matter deserves to be remanded back to CIT for passing fresh orders, in accordance with law, under Section 263 of the Act, after giving a reasonable and adequate opportunity of hearing to the Assessee. Appeal of the Revenue is allowed without answering the question of law raised in the matter by setting aside the order as restored on the file of the learned Commissioner of Income Tax - I, Coimbatore, for deciding the proceedings under Section 263 of the Act afresh
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