COMMISSIONER OF INCOME TAX-III vs. SHRIRAM PISTONS & RINGS LTD.
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----------- 28.08.2002
Heard. Admit. The following questions of law are framed for adjudication:
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Whether the ITAT was right in holding that the entire royalty payment made by the assessee to M/s Riken Corporation, Japan and M/s Kilbernschimdt of West Germany is revenue expenditure and 25%/no part of it can be regarded as capital expenditure?
Whether the ITAT was right in law in holding that the entire expenditure incurred by the assessee on visits by foreign technicians under collaboration agreements is revenue expenditure and no part of it/25% of the said expenditure cannot be regarded as capital expenditure? 3. Whether the ITAT was right in law in holding that the assessee is entitled to claim depreciation u/s 43A of the Income Tax Act, 1961 on the basis exchange rate prevailing on the last date of financial year though the due date of payment had not come and no payment had been made?"
The appellant shall file within three months ten copies of the cyclostyled paper books, containing all documents on which reliance was placed before the Tribunal, including any order/orders, either in the case of the assessee itself or in case of any other assessee, which has been followed by the Tribunal. The appeal be listed for hearing in the regular course.
D.K. JAIN, J
SHARDA AGGARWAL, J AUGUST 28, 2002 'ss'