Case Law Details
Case Name : Cosmic Kitchen Pvt. Ltd. Vs ACIT (ITAT Delhi)
Related Assessment Year : 2006- 2007
Courts :
All ITAT ITAT Delhi
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Cosmic Kitchen Pvt. Ltd. Vs ACIT (ITAT Delhi)- The only ground taken in this appeal, filed by the assessee, is that the learned CIT(A) erred in disallowing depreciation of Rs. 2,70,744/- in respect of pre-operative expenses allocated to fixed assets. It is also mentioned that he erred in holding that the expenses were revenue in nature and not linked with installation of various assets.
The question is covered by the decision of Supreme Court in the case of Challapalli Sugars Limited Vs. CIT (supra) and CIT Vs. Hindustan Petroleum Corporation, (1975) 98 ITR 167, in which it has been held that ...
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Sir, please tell me that a fixed asset should be recognized when it is ready to use and under control of client. Pendency of Legle proceedings (eg fixed asset is pending to be transferred in client name) doesn’t matter.
Sir, please tell me that a fixed asset should be recognized when it is ready to use and under control of client. Pendency of Legle proceedings (eg fixed asset is pending to be transferred in client name) doesn’t matter.