2019 (8) TMI 1801

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.... Chaugule for Appellant Mr.P. Pardiwalla, Senior Advocate with Mr.M.Agarwal i/b Desai & Chinoy for the Respondent ORDER 1. The Appeal is admitted for consideration of the following substantial questions of law: (i) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that the amortized amount of the premium on investments amou....

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....e of such expenditure under sections 30 to 43B of the Income Tax Act, 1961. (iii) Whether on the facts and circumstances of the case and in law the Tribunal was justified in holding that the preoperative expenses amounting to Rs. 1,16,93,000/- can be amortized and claimed over a period of several years when there is no provision under the Income Tax Act to admit such an allowance? ....

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....ounting of Rs. 8,07,167/- is not applicable to assessee as income of the assessee company assessed u/s 4 of the IT Act? 2. We notice that the Revenue has suggested the following additional questions : (A) Whether on the facts and in the circumstances of the case and in law the Tribunal was correct in allowing the expenditure incurred towards purchase of hard disks, head sets, RAM etc. ....

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....ts, this question is not entertained. Questions (B) and (C) overlap and arise out of Revenue's contention that the respondent - assessee while making payment of insurance premium to co-insurer ought to have deducted tax at source in terms of section 194H of the Income Tax Act (for short, "the Act'). Since the assessee had not done so, the Revenue desired to disallow the expenditure in terms of sec....