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TMI Blog2013 (1) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... The Revenue is in appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') against the order dated 24.05.2012 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A' Chandigarh (for short 'the Tribunal) in ITA No. 704/CHD/2010 for the assessment year 2000-01. The Revenue has framed the following substantial question of law:- "Whether ITAT was right in law as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee. The said order of the Assessing Officer was set aside by the Commissioner of Income Tax on 26.03.2010. The said order has been affirmed by the Tribunal vide order dated 24.05.2012. The Tribunal observed that development of new project through Research is a continuous process because technology is changing very fast . Thus, even if assessee has developed 14 Pin Double Decker Relay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the product for which the assessee has claim expenditure during the course of assessment proceedings was already being marketed. We find that the capital expenditure incurred on the Research and Development activities is a continuous process and even if a specific product has been sold at one stage, but still the developments in the product can be carried out. It is finding of fact recorded by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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