Case Law Details
DCIT Vs Welspun Projects Limited (ITAT Ahmedabad)
It was also argued by the learned DR that there is no provision under the Act for amortization of the expenses. Therefore, the assessee should not be allowed the deduction of the expenses amortized in the year under consideration. Undoubtedly, the assessee has incurred the expenses on the projects which were in the nature of BOT. Thus the assessee was entitled to amortize the expenses over the concession period of these projects. For this purpose reference can also be made to the circular issued by CBDT bearing No. 09 of 2014 dated 23 April 2013.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
The captioned appeal has been filed at the instance of the Revenue against the order of the Learned Commissioner of Income Tax(Appeals)-III, Baroda, dated 23/09/2014 arising in the matter of assessment order passed under s. 143(3) r.w.s 147 of the Income Tax Act, 1961 (here-in-after referred to as “the Act”) relevant to the Assessment Year 2008-2009.
2. The Revenue has raised the following grounds of appeal:
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