9911796707
TMI Blog1991 (11) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be pertaining to last quarter which was duly paid before the time prescribed for submission of return under s. 139(1) in the subsequent year. The matter is, therefore, clearly covered by the decision of Tribunal in the case of Chandulal Venichand vs. ITO (1991) 96 CTR (Trib) (Ahd) 39 : (1991) 40 TTJ (Ahd) 350 : (1991) 38 ITD 138 (Ahd). The ITO is directed to delete the said addition subject t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that it was incurred from acquiring know-how and technical knowledge which had an enduring benefit for the business of the appellant. The expenditure in question was held to be capital expenditure. 2.2. Before us the learned counsel for the assessee contended that the company had incurred substantial losses in the year under consideration as well as in all subsequent years till date. The exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business without resulting in acquisition of any new capital asset is allowable as a revenue expenditure. Such a view is clearly fortified by the judgment of Hon'ble Supreme Court in the case of Empire Jute Co. Ltd. vs. CIT (1980) 17 CTR (SC) 13 : (1980) 124 ITR 1 (SC) and Alembic Chemical Works Co. Ltd. vs. CIT (1989) 77 CTR (SC) 1 : (1989) 177 ITR 377 (SC). The ITO is directed to allow deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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