Read and express views
× Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India

These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

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

  • amit
  • amit's Avatar Topic Author
  • Offline
  • Administrator
  • Administrator
2 months 1 week 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
Citation - 319Taxpundit210
Appeal No. - ITA.No.2498/Del./2018
Asstt. Year - 2012-2013



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.

Click to view and download Full Free Judgement of Vikas Globalone Ltd. vs. DCIT

Unable to display Google Map.

Please Log in or Create an account to join the conversation.

Time to create page: 0.146 seconds

If You Appreciate What We Do Here On TaxPundit, You Should Consider:

We are thankful for your never ending support.

Latest Analysis - High Courts

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35

Forum Features

Latest Case Laws
Latest Case Laws are instantly updated in the Forum into their respective section
Latest from CBDT
Latest Circulars, Notifications, Orders etc. from CBDT is updated in the Forum
Ask Experts
You can ask questions to the community
Support queries are either replied via mail or in the Forum so that others can be benefited
Press Releases
Latest Press Notes and Press Releases are updated in the Forum
Connect with Members
You can connect with our community members by replying to their queries

Recommended Articles



All content herein is the copyright of Taxpundit. No images, text, or any other content may be, reproduced or redistributed without the express written consent of Taxpundit.

All Rights Reserved. All Content Copyright.


Subscribe to our newsletter and stay updated on the latest developments and special offers!

Create your own website as per ICAI guidelines. Plan starts at Rs. 15000/- with Free Premium Membership. Read more
Toggle Bar