https://www.taxtmi.com/caselaws?id=280693 The Tax Appeals related to Assessment Years 2007-08, 2008-09, and 2009-2010 were dismissed, affirming the Income Tax Appellate Tribunal's decision to treat expenditure on the purchase of tools and instruments as revenue expenditures. The Tribunal found the items to be consumable based on the assessee's accounting method, supported by their short lifespan and method of consumption in manufacturing. The Tribunal's ruling aligned with a similar case in the Punjab and Haryana High Court, and no substantial legal questions were raised, leading to the dismissal of the appeals. en-us Mon, 05 Aug 2013 00:00:00 +0530 Fri, 17 May 2019 09:47:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280693 The Tax Appeals related to Assessment Years 2007-08, 2008-09, and 2009-2010 were dismissed, affirming the Income Tax Appellate Tribunal's decision to treat expenditure on the purchase of tools and instruments as revenue expenditures. The Tribunal found the items to be consumable based on the assessee's accounting method, supported by their short lifespan and method of consumption in manufacturing. The Tribunal's ruling aligned with a similar case in the Punjab and Haryana High Court, and no substantial legal questions were raised, leading to the dismissal of the appeals. Case-Laws Income Tax Mon, 05 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280693