TaxTMI 
TaxTMI 
2009 (8) TMI 1274
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....by a single consolidated order for the sake of convenience. 2. In this case, assessee filed the appeal before the learned CIT(A) challenging the following additions : 1. Amortisation of investments under the 'Head to Maturity' category - Rs.3,13,61,004/- a. The learned ACIT erred in disallowing a sum of Rs.3,13,61,004/- being the amortization of investments in the 'Held to Maturity' category. b. The learned ACIT ought to have observed that in the present case, the 'Held to Maturity' category of investments of the Appellant represents stock-in-trade and hence the amortization of the same represents expenditure. Further the profit/loss on sale of investment under Held to Maturity is also being offered as business profit/loss and th....
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.... the financial year 2002-03. b. The learned ACIT ought to have appreciated that the observation in the Tax Audit Report is not conclusive of the nature of the expense. c. The learned ACIT ought to have appreciated the treatment adopted by the Appellant is in accordance with the SEBI guidelines and that the expenditure is not a contingent liability and an allowable revenue expenditure. d. The learned ACIT has erred in not placing reliance on judicial precedents in this regard. The learned ACIT ought to have placed reliance on the decision of the Madras Tribunal in the case of SSI Ltd. Vs. DCIT (85 TTJ 1049) wherein it was held that such expenditure was allowable as revenue in nature. 5. Capital expenditure on purchase of software....
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....e observed that the same represents business loss. c. Notwithstanding the above, the learned ACIT ought to have appreciated that the same represents a revenue expenditure allowable under section 37 of the Act. 7. Depreciation on leased assets - Rs.45,11,260 a. The learned ACIT erred in disallowing a sum of Rs.45,11,260/- being the depreciation on assets leased to M/s Rajender Steels & Others. b. The learned ACIT ought to have taken cognizance of the valuation report of the departmental valuation officers in the appellant's own case before the Commissioner of Income-tax (Appeals) for the assessment years 1994-95 to 1997-98 while making the adjustment. 8 Deduction under section 80M - Rs.6,45,800/- a. The learned ACIT has err....