2018 (12) TMI 700

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....ardiwala a/w Mr. Madhur Agrawal i/by Atul Jasani for the Respondent P.C.: 1. At request of learned counsel for the parties, both the petitions are taken up for final disposal at this stage. 2. These appeals arise out of the common judgment of the Income Tax Appellate Tribunal dated 20.2.2015 ("the Tribunal" for short). Since the facts are similar, we may refer the same from Income Tax App....

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....ribunal. The Tribunal, by the impugned judgment, dismissed the Revenue's appeal. The Tribunal relied on its own decision in the case of M/s. Glanmark Pharmaceuticals Limited and came to the conclusion that the expenditure was a revenue expenditure and therefore, allowable deduction. The Tribunal also relied upon a judgment of this Court in the case of Raychem RPG Ltd reported in 346 ITR 138. ....

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....y) and Commissioner of Income Tax Vs. Geoffrey Manners & Co Ltd reported in [2014] 49 taxmann.com 320 (Bombay). 6. We have perused the documents on record and also the judgments cited before us. It is true that in Tax Appeal No. 1754 of 2011, this Court has admitted the appeal of the Revenue which involves a somewhat similar question as has arisen in the present appeal. However, as noted, the l....

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....ributes a small degree of endurability, but that by itself does not mean that the expenses incurred cannot be revenue in nature. Since technology advancement is an aspect which must be taken judicial note of, so also, machinery becoming obsolete that there is necessity of acquiring further technology. This is to meet the growing competition and considering trends in the market. Therefore, such exp....