Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Aug-09-2002
Reported in : (2002)258ITR106(Mum.)
1. This appeal has been filed by the Department against the order dated August 4, 1994, of the learned Commissioner of Income-tax (Appeals)-XII, Bombay, for the assessment year 1991-92. "1. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) erred in holding that expenditure of Rs. 2.80 lakhs incurred on tele film is allowable as revenue expenditure disregarding the fact that asset acquired with enduring benefit was to be used for the purpose of advertisement of business. He also should have followed the ratio of the decision laid down by the Bombay High Court in the case of CIT v. Patel International Film Ltd. [1976] 102 ITR 219. 2. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) erred in deleting addition amounting to Rs. 28,117 disregarding the fact that the object of expenditure incurred on account of stamp duty related to acquisition of asset and is assessable...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-24-2002
Reported in : (2003)86ITD556(Mum.)
1. These two appeals filed by Revenue related to asst. yr. 1996-97.Appeal in ITA No. 1703/Mum/2000 is in relation to assessment order under Section 143(3). Appeal in ITA No. 1705/Mum/2000 is in relation to proceedings under Section 143(1)(a). We shall take up Revenue's appeal in ITA No. 1705/Mum/2000 relating to proceedings under Section 143(1)(a) first. Facts of the case in this behalf are that the assessee filed return of income declaring Nil income on 26th Nov., 1996. The AO made an intimation under Section 143(1)(a) of the Act on 31st Oct., 1997, in which dry dock expenses claimed by the assessee were disallowed to the extent of Rs. 4, 53,61.339 by way of adjustment. On receipt of this intimation the assessee filed appeal before the learned CIT(A)-XVI, Mumbai, on 20th Feb., 1998, and also filed an application under Section 154 before the AO. Thereafter the AO passed an order under Section 154 on 30th March, 1998, whereby the addition of Rs. 4,53,61,339 made by way of adjustment of...
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