https://www.taxtmi.com/caselaws?id=755922 The Bombay HC allowed the assessee's appeal regarding the nature of expenditure on power, fuel, and lease rent for hired machines in cement manufacturing. While ITAT held these as capital expenditures for establishing the manufacturing unit, CIT(A) treated them as revenue expenditures. The HC applied the principle of consistency, noting that for AY 1984-85 and 1985-86, similar issues were decided in favor of the assessee with revenue not challenging those orders. Following SC precedent in Godrej and Boyce Manufacturing, the court emphasized that absent compelling reasons, departure from settled positions is inappropriate when fundamental aspects across assessment years remain unchanged. en-us Fri, 05 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755922 The Bombay HC allowed the assessee's appeal regarding the nature of expenditure on power, fuel, and lease rent for hired machines in cement manufacturing. While ITAT held these as capital expenditures for establishing the manufacturing unit, CIT(A) treated them as revenue expenditures. The HC applied the principle of consistency, noting that for AY 1984-85 and 1985-86, similar issues were decided in favor of the assessee with revenue not challenging those orders. Following SC precedent in Godrej and Boyce Manufacturing, the court emphasized that absent compelling reasons, departure from settled positions is inappropriate when fundamental aspects across assessment years remain unchanged. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755922