TaxTMI 
TaxTMI 
2012 (12) TMI 64
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....Shri Deepak Sehgal, Sr. DR ORDER PER B.R. MITTAL, JUDICIAL MEMBER The assessee has filed this appeal for the Assessment Year 2007-08 against the order of the learned Commissioner of Income-tax (Appeals) dated 11th January, 2011 disputing the confirmation of disallowance of Rs.6,50,026/- made by the Assessing Officer on account of moulds and dyes. 2. The relevant facts giving rise to th....
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....efit is capitalized while the other one which has a shorter life or is going to become obsolete during the year is written off by routing through P & L account. The AO has stated that no details as regard the type of dyes/moulds, their number etc., their use and the amount incurred on those dyes/moulds were submitted. He has stated that once an assessee claims any expenditure/deduction in it....
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.... the A.Y. 2006-07 when identical issue came before him and accordingly, upheld the action of the AO. Hence, this appeal by the assessee. 4. The assessee has filed an application under Rule 29 of the Income-tax Appellate Tribunal Rules, 1963 for admission of additional evidence. At the time of hearing the learned AR submitted that the AO did not ask for the copies of the bills and de....
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.... learned CIT(A)to decide the same afresh after considering the additional evidences which the assessee proposes to place to justify the claim. However, the learned DR opposes the admission of additional evidence and submitted that the assessee has employed the practice capitalizing all the moulds as a block of assets and claimed depreciation thereon. Hence, the orders of the lower a....