M/s. Kishens Accounting Solutions Pvt. Ltd. v. Income-tax Officer 9(2)(2), Mumbai
[Citation -2016-LL-0923-197]
Citation | 2016-LL-0923-197 |
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Appellant Name | M/s. Kishens Accounting Solutions Pvt. Ltd. |
Respondent Name | Income-tax Officer 9(2)(2), Mumbai |
Court | ITAT-Mumbai |
Relevant Act | Income-tax |
Date of Order | 23/09/2016 |
Assessment Year | 2011-12 |
Judgment | View Judgment |
Keyword Tags | deferred revenue expenditure • opportunity of being heard • leave and licence • license agreement |
Bot Summary: | 09.2016 O R D E R PER AMARJIT SINGH JM: The assessee has filed the present appeal against the order dated 29.10.2014 filed by the assessee passed by Commissioner of Income Tax 20 Mumbai hereinafter referred to as the CIT(A) Mumbai relevant to A.Y.2011-12. Disallowance of Defferred Revenue Expenditure Rs.25 880 - being 1 5th of the pre-operative expense:- On the facts and circumstances of the case and in law the AO has erred in treating the pre-operative expenses as covered u s.35D and disallowed 1 5th of the same claimed by the assessee. Thereafter the Assessing Officer disallowed certain expenses and assessed the income of the assessee to the tune of Rs.2 11 507 -. Since the assessee was not satisfied with the assessment assessed by the Assessing Officer therefore the assessee filed an appeal before the CIT(A) who confirmed the order of the Assessing Officer therefore the assessee has filed the present appeal before us. The rent has been paid 2 ITA 7581 M 14 A.Y.2011-12 by the assessee to the licensor under the head agreement of amenities lies at page 14 of the paper book. The Assessing Officer disallowed the same on the ground of that the paid up capital of the assessee company was only Rs.1 00 000 - and only 5 of the same can be allowed u s.35D of the Act. The assessee company without having cash were claiming the expenditure therefore the Assessing Officer declined the claim of the assessee and the CIT(A) has also confirmed the same. |