2023 (3) TMI 1527

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....ble Mr. Justice C.M. Poonacha For the Appellants : Shri. E.I. Sanmathi, Standing Counsel. For the Respondent : Shri. R.V. Easwar, Senior Advocate For Shri. Tata Krishna And Shri. S. Sharath, Advocates. JUDGMENT This appeal by the Revenue directed against the order dated 27.06.2018 in ITA No. 1557/Bang/2016 passed by the ITAT [Income Tax Appellate Tribunal] has been admitted to con....

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....of Revenue expenditure even though the assessing authority rightly held it as capital expenditure considering that the assessee had failed to provide break-up of expenditure and the assessee had failed to substantiate its claims that it pertains to issue of bonus share/debentures? 2. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside t....

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....nd granted relief to the assessee. Hence, this appeal. 7. Shri. Sanmathi, placing reliance on Brooke Bond India Ltd., Vs. Commissioner of Income Tax [(1997)91 TAXMAN 26 (SC)] submitted that the expenditure is capital in nature. 8. Shri. Easwar, learned Senior Advocate adverting to Section 35D of the Income Tax Act [For short 'IT Act'], 1961 submitted that assessee must be allowed deduction o....

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....t, where an assessee incurs any expenditure for extension of his business, he shall be entitled for amortization with certain preliminary expenses. Though Shri. Sanmathi opposed the contention urged by the learned Senior Advocate for the assessee, in our considered view, if the tax payer is entitled for any statutory relief, the same shall not be defeated on technical grounds. However, the Revenue....