As exp. nt resulted in capital asset, so to be recorded as exp. in capital field
Dec. 11, 2015
Assessee incurred certain exp. on brand building which was claimed as deduct'n u/s 37(1). AO held, exp. resulted in enduring benefit. Thus, he disallowed claim by treating it as capital exp.. However, CIT(A) allowed exp. in entirety holding it as routine operational exp..On appeal, ITAT held, As exp. has not resulted in capital asset, so has to be recorded as exp. in capital field. It can't be attributed to capital exp. on brand building.