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2016 (12) TMI 1543 - DELHI HIGH COURT

2016 (12) TMI 1543 - DELHI HIGH COURT - TMI - Applicability of Section 35ABB vis-a-vis spectrum charges paid by the assessee - charges paid after the change in the telecom policy in 1999 - Held that:- The question of law sought to be urged is squarely covered by the previous decision of this Court in the assesseeís case for another assessment year CIT v. Bharti Hexacom Ltd.(2013 (12) TMI 1115 - DELHI HIGH COURT ). Therefore, this question cannot be framed and is answered against the revenue. - .....

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ase, therefore, the ITATís conclusion was justified that the expenditure was essentially revenue in character. No question of law arises - ITA 799/2016, CM APPL.42006 & 42007/2016 - Dated:- 22-11-2016 - S. Ravindra Bhat And Najmi Waziri, JJ. For the Appellant : Mr. P. Roychoudhuri, Sr. Standing Counsel For the Respondent : Mr. Vaibhav Kulkarni, Advocate ORDER Two questions are urged by the revenue in this appeal against the ITAT s decision. The first relates to applicability of Section 35ABB vis .....

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ooks of accounts to the lease rent paid to IBM for use of its software and equipments should have been amortized or the assessee permitted to claim that they were revenue expenses. The findings recorded after the examination of the documents and related agreements by the ITAT are reproduced below: - 82. We have considered the submissions of both the parties. The assessee has clearly explained that in order to comply with the mandate of AS 19 it had capitalized the assets taken on lease from IBM .....

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and merely because in books of ale, the assessee had complied with the requirement of AS 19 and, accordingly, charged depreciation on the asset treating the whole transaction as capital in nature, could not disentitle the assessee to claim the expenditure in computation of income on the basis of true nature of the transaction. It is well settled law that a particular mode of recording a transaction in books of ale is of little consequence and the substance of the transaction has to be considered .....

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