THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR
In the result, the appeal of the revenue is partly allowed for statistical purposes
ITA 947/RJT/2010[2007-08]Status: DisposedITAT Rajkot05 Mar 2019AY 2007-08
Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009
For Appellant: Shri Ankit Gokani, A.RFor Respondent: Shri Praveen Verma, Sr.D.R
Section 37
gains.
To find out whether an expenditure is on the capital account or on revenue, one must consider the expenditure in relation to the business.
Since all payments reduce capital in the ultimate analysis, one is apt to consider a loss as amounting to a loss of capital. But this is not true of all losses, because losses