ITAT Cochin Judgments — August 2019

The Tribunal held that the expenditure incurred for planting and development of plantation up to maturity must be capitalized and is not allowable as revenue expenditure. The assessee's claim for replanting and maintenance expenses was therefore dismissed.

The Tribunal noted that the assessee had produced evidence of revised TDS returns showing a 'nil' demand status on the TRACES portal. In the interest of justice, the Tribunal decided that the matter should be examined afresh by the Assessing Officer.