Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (11) TMI 468 - HC - Income TaxBusiness Expenditure - Disallowance - The Assessing Officer disallowed the expenditure under section 92 and 40A(2) of the Act, on the ground that the price was higher than for similar goods purchased from local vendors. The Commissioner (Appeals) deleted the additions holding that the Assessing Officer had compared the price at which the goods were imported with the price of the goods in the local market in subsequent years. The Tribunal confirmed this. Held that - the entire expenditure was to be treated as revenue expenditure or 25 percent thereof could be capitalized, as held by the Tribunal. In either event, this entire expenditure could be treated as capital expenditure.
|