2017 (3) TMI 876

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..... the facts and in the circumstances of the case and in law, the Tribunal was right in allowing depreciation on goodwill as the assessee had not claimed it in subsequent years? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the expenses incurred on buy pack of shares is revenue in nature? (iii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the premium on redemption of debentures should be allowed in full, in the year of redemption? (iv) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the expenditure on acquisition of marketing and technical knowhow .....

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..... Tribunal in Grindwell Norton Ltd. (supra)challenged the same before this Court in CIT v/s. Grindwell Norton Ltd. (Income Tax Appeal No.694 of 2012) decided on 24th December, 2014. The appeal of the Revenue was dismissed as not giving rise to any substantial questions of law. (b) No distinguishing features in the present case from that which arose before this Court in Grindwell Norton Ltd. (supra) is pointed out to us which would justify a different view. Thus, the question as proposed stands concluded against the Revenue by the decision of this Court in Grindwell Norton Ltd. (supra). (c) Accordingly the question as proposed does not give rise to any substantial question of law. Thus not entertained. 6. Regarding question no.(iv):- (a) T .....

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..... t in the books of accounts by the assessee. (c) Being aggrieved, the Revenue carried the issue in appeal to the Tribunal. The impugned order of the Tribunal dismissed the Revenue's appeal by again placing reliance upon the decision of the Kedarnath Jute Mfg. Co. Ltd. (supra). Moreover, it also records the submission on behalf of the assessee that the expenditure incurred on account of technical and marketing knowhow was in the revenue field is not disputed by the Revenue. Consequently the entire expenditure of Rs. 18.67 crores has to be allowed in the subject assessment year. (d) We find that the impugned order of the Tribunal has while dismissing the appeal, applied the decision of the Apex Court in Kedarnath Jute Mfg. Co. Ltd. (supr .....

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