{"id":52456,"date":"2025-03-31T12:28:56","date_gmt":"2025-03-31T06:58:56","guid":{"rendered":"https:\/\/itatonline.org\/digest\/asiatic-colour-chem-ind-ltd-v-jt-cit-2024116-itr-7-snahdtrib\/"},"modified":"2025-03-31T12:28:56","modified_gmt":"2025-03-31T06:58:56","slug":"asiatic-colour-chem-ind-ltd-v-jt-cit-2024116-itr-7-snahdtrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/asiatic-colour-chem-ind-ltd-v-jt-cit-2024116-itr-7-snahdtrib\/","title":{"rendered":"Asiatic Colour Chem Ind. Ltd. v. Jt. CIT (2024)116 ITR 7 (SN)(Ahd)(Trib)"},"content":{"rendered":"<p>The AO treated the\u00a0 one time final payment of disputed amount of impact fees to Municipal Corporation\u00a0 as capital expenditure and allowed depreciation at 10 %. On appeal the CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0 the payment is allowable as revenue expenditure.\u00a0 Followed Prakash Cotton Mills Pvt Ltd v. CIT(1993) 201 ITR\u00a0 684 (SC) (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.37(1): Business expenditure-Capital or revenue-Remove defect in title of immoveable property-One time final payment of disputed amount of impact fees to Municipal Corporation-Damages or penalty or interest-Allowable as revenue expenditure.  [S. 32, Municipal Corporation Act] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52456","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dE4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52456"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52456\/revisions"}],"predecessor-version":[{"id":52457,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52456\/revisions\/52457"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}