Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
CGST - Acts + GST Rates GST Ntf. GST Forms GST - Manual GST - FAQ State GST Acts SGST Ntf. I. Tax Manual
Extracts
Home List
← Previous Next →

The Asstt. Commissioner of Income-Tax Versus M/s TTK LIG Ltd.

Expenditure incurred by the assessee with regard to payment of logo charges - assessee claimed the same as revenue expenditure but AO treated both the payments as capital in nature and allowed depreciation @ 25% - CIT(A) allowed the claim of the assessee by holding that the payments are in the revenue field - Held that:- We have carefully gone through the order of this Tribunal in assessee's own case for assessment years 2002-03 to 2007-08 wherein found that the payment of royalty and logo charg .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ted:- 13-11-2015 - N. R. S. Ganesan, JM And A. Mohan Alankamony, AM For the Appellant : Dr Milind Madhukar Bhusari, CIT For the Respondent : Shri Saroj Kumar Parida, Adv ORDER Per N R S Ganesan, Judicial Member These appeals of the Revenue are directed against separate orders of the Commissioner of Income-tax (Appeals)-11, Chennai, dated 13.3.2015, for assessment years 2001-02, 2008-09 and 2009- 10. Since common issues arise for consideration in all the appeals, we heard them together and dispos .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

has not raised any serious objection to condone the delay. Since the records were mixed up with other files and the appeals were filed within a reasonable time as soon as the records were traced out, this Tribunal is of the considered opinion that there was a reasonable cause on the part of the Revenue for not filing the appeals within the stipulated time. Accordingly, the delay of three days is condoned and the appeals are admitted. 3. The first issue arises for consideration is expenditure in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

made by the assessee towards logo charges is capital in nature, therefore, entitled for depreciation @ 25%. Hence, the Assessing Officer disallowed the claim of the assessee, however, allowed depreciation @ 25%. However, on appeal by the assessee, the CIT(A), by following the order of this Tribunal in assessee's own case for assessment years 2002-03 to 2007-08 found that the payment towards logo charges is exclusively for the purpose of business hence, it has to be allowed. This Tribunal, in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version