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What would be the Classification of Interiors done on Rented Premises? Whether Revenue Expenditure or Capital Expenditure?
Assessee is running it's business from the rented premises which was taken for the lock in period of 60 months with provision of renewal of the agreement.
Assessee is running it's business from the rented premises which was taken for the lock in period of 60 months with provision of renewal of the agreement.
Issue is Classification of expenditure incurred on interior of rented premises as AO was of the view that the expenditures incurred on the renovation of the business premises will generate benefit to the assessee over a long period of time, thus, treated the same as capital
in nature on account of enduring benefit expected to arise to the assessee.
The view taken by the AO was subsequently confirmed by the learned CIT (A).
Aggrieved by the Order of CIT(A) Assessee approached Income Tax Appeallate Tribunal.
The view taken by the AO was subsequently confirmed by the learned CIT (A).
Aggrieved by the Order of CIT(A) Assessee approached Income Tax Appeallate Tribunal.
Supreme Court to hear a plea concerning non appointment of members to the Income Tax Appellate Tribunal in pursuance to the earlier orders of the top court
#SupremeCourt #ITAT
#SupremeCourt #ITAT
SC: Mr Attorney General it seems that the Supreme Court committee headed by Justice AM Khanwilkar met on two occasions
AG: A clarification was sought from Dept of legal affairs
AG: A clarification was sought from Dept of legal affairs
AG: Dept said there was fresh material which surfaced in relation to the members to be appointed and thus the appointment was deferred
