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TMI Blog2019 (1) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... d and the assessee is entitled to the notional carry forward from that particular year. The order of the Tribunal is reversed to that extent. Claim under Section 41(1) - sales tax liability refunded to assessee in the subject assessment year by virtue of a decision of the jurisdictional High Court - assessee claimed that it has to be kept as a contingent liability since an appeal is pending before the Hon'ble Supreme Court - Held that:- Tribunal found that as and when and if the Supreme Court decides against the assessee, the assessee would be able to claim the amount again as expenditure. We find that sufficient safeguards have been made by the Tribunal to that end and we find no reason to interfere with the directions of the Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no dispute on that aspect. But however, the Tribunal found that such carry forward has to be from the date of inception of the wind mill, which is the commencement of the business. 2. As of now, the question stands covered in favour of the assessee by virtue of Circular No.1/2016 dated 15.02.2016 issued by the Central Board of Direct Taxes (CBDT). The CBDT had extracted sub-section (5) of Section 80 IA and declared so which is binding on the department and its officers: The matter has been examined by the Board. It is abundantly clear from sub-section (2) that an assessee who is eligible to claim deduction under Section 80 IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it has to be kept as a contingent liability since an appeal is pending before the Hon'ble Supreme Court. The Tribunal found that as and when and if the Supreme Court decides against the assessee, the assessee would be able to claim the amount again as expenditure. We find that sufficient safeguards have been made by the Tribunal to that end and we find no reason to interfere with the directions of the Tribunal. The question stands answered against the assessee. 5. In the year 2003-04 the question is as to whether the expenditure incurred insofar as carrying out repairs of the office of the assessee should be a revenue expenditure or a capital expenditure. The expenditure incurred was insofar as making repairs of the office building ..... X X X X Extracts X X X X X X X X Extracts X X X X
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