Square Circle Outdoors P.Ltd, Mumbai vs. ITO 8(3)(2), Mumbai
In the result, the appeal filed by the assessee for assessment year 2011-2012 is dismissed
ITA 5258/MUM/2014[2011-12]Status: DisposedITAT Mumbai28 Apr 2017AY 2011-12
Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आिकर अपील सं./Ita No. 5258/Mum/2014 (धििाारण वर्ा / Assessment Year: 2011-12) M/S. Square Circle Outdoors Pvt. Vs. The Ito 8(3)-2, Ltd., B-53, Indus House, Aaykar Bhavan, 4Th Floor, Opp Monginis Factory, Mumbai New Link Rd. Andheri (W), Mumbai - 400093 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aamcs7455E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) यनर्ावररती की ओर से /Assessee By : None राजस्व की ओर से /Revenue By : Sh. Vishwas Mundhe (Dr)
For Appellant: NoneFor Respondent: Sh. Vishwas Mundhe (DR)
Section 143Section 32Section 37(1)
…ra) Ltd. Secondly the advances were made for acquiring software and hardware which is clearly a capital expenditure in view of the 5 Assessment Year: 2011-12 decision of the Hon’ble Rajasthan High Court in the case of CIT v. Aravalli Constructions Pvt. Ltd. 259 ITR 30 where it is held that whether acquisition of computer software is a revenue or capital expenditure held it was capital expenditure. Since it was a capital expenditure, therefore, writing off this amount is a capital loss which is not covered u/s 37(1) of the I.T. Act. Keeping in view these facts and circumstances it is held that this expenditure i…
