TMI Blog2017 (3) TMI 876X X X X Extracts X X X X X X X X Extracts X X X X ..... Co. Ltd. v/s. Commissioner of Income Tax (Central) Calcutta [1971 (8) TMI 10 - SUPREME Court ] - Decided in favour of assessee - INCOME TAX APPEAL NO.1571 OF 2014 - - - Dated:- 23-2-2017 - M. S. SANKLECHA AND A. K. MENON, JJ. For The Appellant : Mr. A. R. Malhotra a/w N. A. Kazi For The Respondent : Mr. J. D. Mistri, Senior Counsel, a/w Madhur Agrawal, i/b. Atul Jasani 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 9th October, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200001. 2. This appeal raises the following questions of law for our consideration :- (i) Whether on the facts and in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. (Income Tax Appeal No.517 of 2009) decided on 9th August, 2012. No distinguishing features in the present facts have been pointed out, which would warrant taking a view different from this Court in M/s. Hindalco Industries Ltd. (supra). (b) In the above view, question no.(ii) as proposed does not give rise to any substantial question of law. Thus not entertained. 5. Regarding question no.(iii):- (a) The impugned order dismissed the Revenue's appeal in respect of the issue raised herein viz. allowability of premium paid on preredemption of debentures as revenue expenditure by following a decision of its Coordinate Bench in CIT v/s. M/s. Grindwell Norton Ltd. (Income Tax Appeal No.5512/Mum/2007). The Revenue being a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit and loss account had debited only ₹ 97.90 lakhs in the subject Assessment year on account of marketing and technical knowhow and spread the balance 4/5th over the subsequent six Assessment years. (b) Being aggrieved the Revenue carried the issue in appeal to the Commissioner of Income Tax (Appeals) (CIT(A)). By an order dated 20th December, 2004 the CIT(A) allowed the respondent-assessee's appeal by placing reliance upon the decision of the Apex Court in Kedarnath Jute Mfg. Co. Ltd. v/s. Commissioner of Income Tax (Central) Calcutta 82 ITR 363 that entries in the account books are not conclusive of the nature of expenditure i.e. revenue or capital and whether an assessee is entitled to a deduction or not would entire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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