It is a general presumption that, expenditure in acquisition of assets is a capital expenditure there by not eligible for deduction u/s 37 (1) of the IT Act (However depreciation is allowed as per IT Rules) The honorable CIT (A) failed to note the difference in the nature of the soft-wares as dealt in Maruti Udyog Ltd. vs Deputy Commissioner Of Income Tax
The decision of the case is based on the verdict by Apex Court of India in the case of TRF Limited Vs CIT, [323 ITR 397 (SC)] Where Honorable Court has held that, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable.
If the investments are not made from borrowed funds, then there should not be any disallowance. Since in this case it was evidenced from the records and evidence s that the income accured was from internal accruals consequently addition deleted
The first arguments which has been considered was regarding the source of advances in the 100% subsidiary comapy, which the assessee company argued to be out of reservs and suplus, which could not be contradicted by the Revenue.
In the case of M/s.Karur K.C.P.Packagings Limited vs. The Commissioner of Customs, it was held by Madras High Court that that where any drawback payable to the claimant is not paid within a period of one month from the date of filing a claim for payment
The procedure for detection of counterfeit notes has been reviewed in consultation with the Government and it has been observed that certain modifications are required for bringing improvement in reporting of counterfeit notes and facilitating maintenance of records by banks. Accordingly, the changes in the instructions are advised as under:
‘ What is due now, can be done tomorrow ‘ is a familiar mindset that links each one of us. Yes, it provides temporary relief to us. However, to secure a happy life, we should remove that instinct. Procrastination is like a disease spoiling a person’s life. We all suffer from it in varying degrees throughout the life. Many people do not understand its repercussions on themselves.
Hon’ble High Court while interprating section 48 held that while calculating Capital gain the expenses made will only be considered if it is made wholly or exclusive for that property. Also, the Hon’ble High Court held that The Hon’ble Tribunal was right in taking into consideration of the Judgement of Jurisdictional High Court.
In the Case of ACIT v Akhil Jain, ITAT Delhi held that no interest will be levied u/s 234B during the Block Assessment by the virtue of Section 158BF.
Hon’ble Tribunal held that whenever the consideration is received in advance for the particular sale, The money will be taxed in the year in which the sale is made and not in the assessment year in which the advances are received.
