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08-03-2019, Vikas Globalone, Section 80IB, 115JB, Tribunal Delhi

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2 weeks 12 hours ago #8763 by amit
Section - 80IB, 115JB, 37, 14A, 10(32), 10(2A)
Order Date - 08-03-2019
Favouring - Assessee Partly
Court - Tribunal Delhi
Appellant - Vikas Globalone Ltd.
Respondent - DCIT
Justice - BHAVNESH SAINI JM & O.P. KANT AM
Citation - 319Taxpundit210
Appeal No. - ITA.No.2498/Del./2018
Asstt. Year - 2012-2013

Order

PER : BHAVNESH SAINI

This appeal by assessee has been directed against the order of the Ld. CIT(A)-31, New Delhi dated 15th March 2018 for the assessment year 2012-2013.

2. We have heard the Learned Representatives of both the parties and perused the material available on record.

3. Learned Counsel for the Assessee did not press Ground Nos.1 and 5 of the appeal, the same are dismissed as not pressed.

4. During the year assessee-company is engaged in the business of manufacturing and distribution of specialty polymers compounds and addictives. The company is manufacturing high end products used in Agricultural Pipes, Auto Parts, Wires, and Cables, Artificial Leather, Footwear, Organic Chemicals, Polymers and Pharmaceuticals. The assessee claimed deduction under Section 80IB of the Income Tax Act, 1961, but, paid the taxes on book profit of Rs.2.94 crores under section 115JB of the Income Tax Act, 1961.

4.1. On Ground No.2, the assessee challenged the disallowance of a sum of Rs.6,04,361/- out of the expenditure incurred on repair and maintenance.

4.2. The assessing officer on perusal of the details of repair and maintenance furnished by the assessee, observed that the expenses mentioned at page-4 of the assessment order are in the nature of capital expenditure, but, the same have been treated by the assessee as revenue expenditure in a sum of Rs.7,55,414/-. The assessee furnished few bills on record and from the perusal of same, it was observed that these expenses incurred by assessee during the year under appeal which are in the nature of capital expenditure, which will give benefit to the assessee in future years as well. The assessing officeraccordingly disallowed the same under section 37 of the Income Tax Act, 1961 and made the addition of Rs.7,55,414/-.

5. The addition was challenged before the Ld. CIT(A) and assessee explained that all the details along with vouchers were produced before assessing officer, which have been examined by the A.O. but treated the same as capital expenditure instead of revenue expenditure. All the expenses were incurred for replacement of any part of machinery or computer, no capital addition has been made.

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