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2015 (12) TMI 911 - GUJARAT HIGH COURT

2015 (12) TMI 911 - GUJARAT HIGH COURT - TMI - Expenses of stamp duty for pledge agreement and processing fees charged by the bank - revenue or capital expenditure - ITAT deleted the addition - Held that:- While deleting the addition it was noted that the expenses incurred towards pledge agreement with the bank was for borrowing working capital availed from bank and by incurring he expenditure no capital asset has come into existence. Before us no material has been placed on record by the Revenu .....

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an ad-hoc addition on the ground that corresponding labour charges and other expenses were not reflected. The Tribunal in particular confirmed the view of the CIT(A) that mere quantum of expenditure would not be sufficient to treat as capital expenditure, inter-alia, on such grounds - Decided against revenue

Machinery reconditioning charges of existing plant and machinery - expenses treated as capital expenditure - ITAT deleted the addition - Held that:- assessee contended that machi .....

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as one of capital expenditure - Decided against revenue - Tax Appeal No. 735 of 2015 - Dated:- 7-12-2015 - Akil Kureshi And Mohinder Pal, JJ. For the Appellant : Mr Varun K Patel, Adv For the Respondent : Mr B S Soparkar, Adv ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Tax Appeal is filed by the revenue raising following questions for our consideration. (i) Whether, in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in confirming the order of CI .....

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d, Labour charges and maintenance expenses as capital expenditure? (iii) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in confirming the deletion of disallowance of ₹ 9,64,104/- made by the Assessing Officer after treating machinery reconditioning charges of existing plant and machinery as capital expenditure? (iv) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in deleting disallowance .....

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