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2014 (1) TMI 183 - ITAT MUMBAIExpenditure in respect of increase in share capital - Capital or revenue - Held that:- in the case of an assessee company, which is engaged in the business of Life Insurance, the expenditure incurred with regard to increase in share capital is allowable as deduction by treating it as revenue in nature. - Decided in favor of assessee. Additional grounds - requesting the Tribunal to consider the loss from Pension Fund while determining the surplus/(deficit) from the insurance business for the purpose of section 44 - Held that:- The Tribunal is empowered to admit any additional ground in the interest of substantial justice if all the facts are already on record - Following CIT vs. Life Insurance Corporation of India [2011 (8) TMI 47 - BOMBAY HIGH COURT] - Beyond the period of limitation prescribed if an assessee makes a claim such claim cannot be considered by the AO but at the same time a new ground urged before the Appellate Authority always also be considered in the light of the power vested in the Appellate Authority under the provisions of the Act - The issue was set aside for fresh adjudication.
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