2023 (7) TMI 905

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....the Assessment Year, 2005-06. [2] Heard the learned advocate Mr. Karan Sanghani for learned advocate Mr. Nikunt K. Raval for the appellant. [3] Learned advocate for the appellant has submitted that the assessee filed return of income on 10.10.2005 showing total income 'Nil'. The assessee shown book profit of Rs. 1,14,57,99,335/- under Section 115JB and paid the tax under MAT Act. The case of the assessee was selected for scrutiny thereafter and notices under Section 143(3)(2) and 142(1) of the Income Tax Act, 1961 came to be issued. The assessee is engaged in the business of generation and distribution of power in the form of electricity. The Assessing Officer assessed the income and made addition in the income of the assessee. The said o....

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....software treating the same as revenue expenditure without appreciating the fact that the expenses are for new or different advantage of enduring nature and so to be treated as capital expenditure eligible for depreciation @ 25%? (iv) Whether the Ld. Tribunal was justified in deleting the addition of Rs. 5,70,854/- being 10% of the exempt income of Rs. 57,08,546/- made by the Assessing Officer as per the provisions of Section 14A of the I.T. Act, ignoring that no expenditure has been incurred to earn the exempt income disclosed during the year under consideration? [5] Learned advocate for the appellant has taken us through the impugned decision of the Tribunal. So far as the proposed substantial questions of law No.4(i) and 4(ii) are co....