2013 (1) TMI 649

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..... 4 Pin Double Decker Relay Socket and 48x96 panel meter but still the prototype may require further improvement. Mere selling of units will not show that the assessee already has the technology of the same product Even if a specific product has been sold at one stage, but still the developments in the product can be carried out. It is finding of fact recorded by the Tribunal that the assessee ha .....

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..... Research Development had been claimed as capital expenditure and the same were already developed and sold by the assessee? The assessee claimed that a sum of Rs.45,57,784/- is capital expenditure incurred on Research and Development during the relevant assessment year. The assessee furnished the information that such expenditure was incurred for development of 14 Pin Double Decker Relay Socke .....

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..... rovement. Mere selling of units will not show that the assessee already has the technology of the same product. Consequently, the order of the Commissioner of Income Tax was upheld. Learned counsel for the appellant has vehemently argued that the product on which the assessee has claimed capital expenditure was already being marketed, therefore, such expenditure has been rightly disallowed by th .....

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