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2016 (5) TMI 33 - HC - Income TaxProvision for breakage in transit - whether amounts to provisioning for contingent liability? - Held that:- It is not in dispute that it stands covered in favour of the Revenue by the decision of this Court in Seagram Distilleries Pvt. Ltd. v. CIT (2015 (10) TMI 491 - DELHI HIGH COURT). Consequently, the appeals are admitted as far as this question is concerned and the question is answered in the negative i.e. in favour of the Revenue and against the Assessee. The impugned order of the ITAT to that extent is set aside. Expenditure incurred on brand creation - Held that:- Spread of the brand expenses over a period of five years was actually in the nature of deferred revenue expenditure and the question of treating it as capital expenditure did not arise.
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