Case Law Details
Issues Under Consideration
(1) Whether, on the facts and in the circumstances of the case and in law, the Tribunal is justified in quashing the order under Section 263 of the Income Tax Act,1961 as undoubtedly, the expenditure of Rs.2.94 crores was incurred to create the brand “Nirvana” – an intangible asset ?
(2) Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in taking the view that the expenditure incurred by the assessee did not result in any kind of addition or augmentation of any profit making asset, when the assessee company itself has admitted that the expenditure was incurred for the creation of a brand ‘Nirvana’ that is an intangible asset ?
(3) Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in coming to the finding that the said expenditure was related to the conduct of the business whereas the expenditure in question related to the building up of the brand which was of a permanent character and not of routine revenue nature ?
Facts of the Case
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