https://www.taxtmi.com/caselaws?id=314517 The Bombay HC upheld concurrent findings of CIT(A) and Tribunal disallowing business expenses claimed by the assessee. The court held that expenditure on components for elevator manufacturing created enduring benefits and constituted capital expenditure, not revenue expenditure. Club subscription expenses were properly disallowed as personal in nature without evidence of exclusive business purpose. Regarding depreciation on cars, while the assessee may be entitled to claim in subsequent years, no substantial question of law arose for the assessment year in question. The court rejected the appeal, finding no grounds for re-appreciation of factual findings. en-us Fri, 21 Mar 2014 00:00:00 +0530 Sat, 15 Jun 2024 18:29:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314517 The Bombay HC upheld concurrent findings of CIT(A) and Tribunal disallowing business expenses claimed by the assessee. The court held that expenditure on components for elevator manufacturing created enduring benefits and constituted capital expenditure, not revenue expenditure. Club subscription expenses were properly disallowed as personal in nature without evidence of exclusive business purpose. Regarding depreciation on cars, while the assessee may be entitled to claim in subsequent years, no substantial question of law arose for the assessment year in question. The court rejected the appeal, finding no grounds for re-appreciation of factual findings. Case-Laws Income Tax Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314517