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TMI Blog2018 (8) TMI 1647X X X X Extracts X X X X X X X X Extracts X X X X ..... (C)(iv) - no such claim was made by the assessee before the Assessing Officer during the assessment proceedings in as much as the expenses claimed were not incurred in connection with the installation of Plant and Machinery or construction of the infrastructure of the Company ? - Held that:- The question no.2 has also been decided against the revenue by way of several judgements all over India inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenditure and, therefore, both the CIT as well as the Tribunal have allowed the assessee to capitalise the expenses made prior to the existence or the formation of the Company and have allowed depreciation on them as capital expenses and rightly so on facts there is no doubt that these amounts, which were expended by the assessee were prior to the setting up of the business and prior to the dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gally justified in allowing the claim of depreciation of ₹ 59,48,096/- on Foreign Exchange Fluctuation without appreciating the provisions of Section 43A of the Act and the fact that the Foreign Exchange Fluctuation showed notional fluctuation and varied from year to year ? 2. Whether on the facts and circumstances of the case, the ITAT is legally justified in law in allowing the relief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being pressed for reasons that question no.1 has already been decided against the revenue by way of a judgement in the case of CIT v. Woodward Governor India (P) Ltd. reported in (2009) 312 ITR 254 (SC). The question no.2 has also been decided against the revenue by way of several judgements all over India including the case of Autolite India Ltd. v. CIT reported in (2003) 264 ITR 117 (Raj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee to capitalise the expenses made prior to the existence or the formation of the Company and have allowed depreciation on them as capital expenses and rightly so on facts there is no doubt that these amounts, which were expended by the assessee were prior to the setting up of the business and prior to the date when the business ran or started making profits. Accordingly, question no.3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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