Held that the assessee-company was not treating jigs and fixtures as revenue expenditure in its books of account but was writing off the expense over a period of two years since it derived long-term enduring benefit from them. As a result, the decision of the Commissioner (Appeals) to treat the expenditure as capital expenditure and allow depreciation on the brought-forward written-down value is upheld. (AY. 2007-08)
Bundy India Ltd. v. Dy. CIT (2024)113 ITR 505 (Ahd)(Trib)
S. 37(1) : Business expenditure-Capital or revenue-Depreciation-Manufacturing concern-Expenditure on Jigs and Fixtures-Written off over two years-Capital in nature-Entitled to depreciation. [S. 32]
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