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TMI Blog2023 (7) TMI 905X X X X Extracts X X X X X X X X Extracts X X X X ..... t the expenditure incurred by the assessee cannot be treated as capital expenditure but it can be treated as revenue expenditure only. Addition u/s 14A - Whether no expenditure has been incurred to earn the exempt income disclosed during the year under consideration? - HELD THAT:- The same are already covered by the decision of Gujarat Industries Power Company Ltd [ 2022 (8) TMI 1409 - GUJARAT HIGH COURT] - The aforesaid two substantial questions of law are similar to that of those which were proposed to be framed in the case of Gujarat Industries (supra). Similar substantial questions of law have been proposed in the present appeal. Addition (net of depreciation) being expenses incurred on software treating the same as revenue expenditure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant has submitted that the assessee filed return of income on 10.10.2005 showing total income Nil . The assessee shown book profit of Rs. 1,14,57,99,335/- under Section 115JB and paid the tax under MAT Act. The case of the assessee was selected for scrutiny thereafter and notices under Section 143(3)(2) and 142(1) of the Income Tax Act, 1961 came to be issued. The assessee is engaged in the business of generation and distribution of power in the form of electricity. The Assessing Officer assessed the income and made addition in the income of the assessee. The said order was challenged by the assessee before the Commissioner of the Income Tax (Appeals)-1, Baroda. The CIT(Appeals) partly allowed the appeal of the asseessee. The revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenditure eligible for depreciation @ 25%? (iv) Whether the Ld. Tribunal was justified in deleting the addition of Rs. 5,70,854/- being 10% of the exempt income of Rs. 57,08,546/- made by the Assessing Officer as per the provisions of Section 14A of the I.T. Act, ignoring that no expenditure has been incurred to earn the exempt income disclosed during the year under consideration? [5] Learned advocate for the appellant has taken us through the impugned decision of the Tribunal. So far as the proposed substantial questions of law No.4(i) and 4(ii) are concerned, the same are already covered by the decision of the Co-ordinate Bench of this Court in the case of The Principal Commissioner of Income Tax, Vadodara-1 vs. Gujarat Industries Powe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iture and treated as capital expenditure being enduring the nature. The Tribunal has reversed the finding of Assessing Officer and CIT (Appeals) in view of the observation made in N.J. India (supra). [8] Learned advocate for the appellant has also submitted that the proposed substantial question of law No.4(iv) may also be considered. However, on perusal of the proposed question of law, it is more of in the nature of factual aspects rather than on the question of law. Hence, we are not incline to admit the present appeal, as the proposed substantial questions of law are not substantial questions of law. No other substantial question of law is proposed by the appellant. Therefore, the appeal is hereby dismissed at the admission stage. No ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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