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TMI Blog2013 (6) TMI 133X X X X Extracts X X X X X X X X Extracts X X X X ..... on 115JB of the Act. - held that:- The assessee has disclosed the nature of transactions in its return. It was on the basis of the interpretation of the provisions of the statute, the Assessing Officer found that such expenditure claimed by the assessee is not the revenue expenditure but the capital expenses. There is a fine distinction as to when an expenditure can be treated as a revenue or a ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on account of loss on the sale of fixed asset, loss on sale of shares and expenses paid towards placement of preference shares. The Tribunal, while accepting the appeal, found that such additions made by the Assessing Officer are based upon the difference of opinion whether such additions are to be treated as revenue expenditure or a capital expenditure and not because the assessee has made a fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case, the learned Income-tax Appellate Tribunal was right in law in deleting the penalty of Rs. 11,18,881 levied by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961, disregarding the fact that even if the assessee has paid higher taxes under the provisions of section 115JB of the Act, 1961, it is allowed to carry forward and set off the tax credit in subsequent y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o not find that any substantial question of law arises for consideration. The assessee has disclosed the nature of transactions in its return. It was on the basis of the interpretation of the provisions of the statute, the Assessing Officer found that such expenditure claimed by the assessee is not the revenue expenditure but the capital expenses. There is a fine distinction as to when an expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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