Pr. Commissioner of Income-tax-8 v. Reliance Foot Print Ltd
[Citation -2020-LL-0108-69]
Citation | 2020-LL-0108-69 |
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Appellant Name | Pr. Commissioner of Income-tax-8 |
Respondent Name | Reliance Foot Print Ltd. |
Court | HIGH COURT OF BOMBAY |
Relevant Act | Income-tax |
Date of Order | 08/01/2020 |
Assessment Year | 2010-11 |
Judgment | View Judgment |
Keyword Tags | substantial question of law • capital expenditure • project development • expenses incurred • development cost • books of account • capital or revenue expenditure • pre-operative period |
Bot Summary: | The learned counsel for the Respondent has handed over copies of the decisions taken in the Respondent-Assessee s own case wherein the questions of law raised in the present Appeal have been considered. In this Appeal the Appellant-Revenue has raised the following questions as substantial question of law :- 1/3 ::: Uploaded on - 15/01/2020 ::: Downloaded on - 16/01/2020 09:51:40 ::: 41. Itxa 1535-17.doc Whether on the facts and in circumstances of the case and in law, the Hon ble Tribunal has erred in deleting disallowance in respect to expenses incurred in the preoperative period towards the project development cost, the assessee had treated the same expenditure as revenue for I.T. purposes whereas for all other purposes and laws it has treated the expenditure as capital expenditure Whether on the facts and in circumstances of the case and in law, the Hon ble Tribunal was justified in allowing the expenses incurred u/s. 37(1) of the Act, giving rise to a substantial question of law as envisaged by the Hon ble Supreme Court in the case of Vijay Kumar Talwar vs. CIT in 330 ITR(SC) 5. As regards the first question of law regarding the project development cost to be treated as capital expenditure or revenue the said question was considered in Income Tax Appeal No.892 of 2014 and Income Tax Appeal No.948 of 2014 and by order dated 5 July, 2017 the same has been held against the Appellant-Revenue. As regards the second question raised, it was considered and held against the Appellant-Revenue in Income Tax Appeal No.197 of 2017. In the circumstances, no substantial question of law arises in this Appeal. |