M/S. BAJAJ AUTO LTD.,MUMBAI vs. DCIT RG. - 3(1), MUMBAI

ITA 4236/MUM/2005Status: DisposedITAT Mumbai23 February 2024AY 2001-2002Bench: SHRI ABY T VARKEY, HON'BLE (Judicial Member), SHRI S. RIFAUR RAHMAN, HON'BLE (Accountant Member)69 pages
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What did the Tribunal hold?

The Tribunal decided that expenses incurred in connection with the buy-back of shares are allowable as revenue expenditure, following the Bombay High Court's decision in CIT vs. Hindalco Industries Ltd. The Tribunal also noted that other issues were covered by previous coordinate bench decisions.

What were the facts?

The assessee and revenue filed cross-appeals against the CIT(A)'s order for AY 2001-02. The appeals involved several grounds concerning deductions, depreciation, and treatment of various expenses.

What were the issues?

Whether expenses incurred for buy-back of shares are revenue or capital expenditure, and the allowability of various other deductions and depreciation claims.

Which sections of the Income-tax Act were involved?

Section 35D,Section 37(1),Section 14A,Section 40(a)(i),Section 234B

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Income Tax Appellate Tribunal, MUMBAI BENCH “F”, MUMBAI

Before: SHRI ABY T VARKEY, HON’BLE & SHRI S. RIFAUR RAHMAN, HONBLEShri Kirit Kamdar Shri Ankush Kapoor

For Appellant: Ms. Vasanti Patel&, Shri Kirit Kamdar
For Respondent: Shri Ankush Kapoor
Pronounced: 23.02.2024

PER S. RIFAUR RAHMAN (AM)

1.

These cross appeals are filled by the assessee and revenue respectively against order of Learned Commissioner of Income Tax (Appeals)-XXVII, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 31.03.2005 for the A.Y.2001-02. 2. At the time of hearing, both the counsels fairly agreed that the issues raised in both these appeals are covered and adju

The order continues below.

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