ITO, WARD, 1(3), NAGPUR vs. SHRI PURUSHOTTAM VIJAYKUMAR KARWA, NAGPUR

ITA 188/NAG/2013Status: DisposedITAT Nagpur28 March 2019AY 2007-085 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, agreeing that the expenditure was not of an enduring nature and was for a specific tender. The CIT(A) had also noted that the other party had confirmed disclosing their share of income.

What were the facts?

The Assessing Officer disallowed Rs. 66,37,980/- claimed as administrative expenses by the assessee, holding it to be capital in nature. This expenditure was for the restoration of a cancelled tender for supplying medicine kits.

What were the issues?

Whether the expenditure incurred for restoring a cancelled tender is capital in nature or revenue expenditure. Whether the genuineness and nature of the transaction were adequately proved.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri S.C. Thakar
For Respondent: Shri U.U. Kasar

PER VIKAS AWASTHY, JM :

This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-16, Mumbai, Camp: Nagpur dated 11-02-2013 for the assessment year 2007-08. 2. The brief facts of the case as emanating from records are : The assessee is engaged in manufacturing and trading of medicines and drugs and trading in shares, futures and options. During the course of scrutiny assessment proceedings, the Assessing

The order continues below.

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