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Documents citing Commissioner Of Income Tax vs M/S. Kreon Financial Services Limited on 3 October, 2012

Dcit, Circle-Ii(I),, vs I.F.C.I. Ltd.,, on 31 August, 2020

"Learned counsel for the assessee placed reliance on the unreported decision of this Court in the case of CIT v. Kreon Financial Services Ltd., wherein this court had accepted the assessee‟s case that part of the expenses would go for expenses for deduction as revenue expenditure. We have gone through the said decision, to which one of us is a party. We do not find any justifiable ground to extend the benefit of the said case to the facts of the case on hand. In the decided case, the Commissioner had given categorical finding that nature of the expenses were allowed therein as a revenue, as those expenses were to meet out the day to day transactions of the business of the assessee."
Income Tax Appellate Tribunal - Delhi Cites 46 - Cited by 0 - Full Document

M/S.Inditrade Capital Limited vs Commissioner Of Income Tax on 5 September, 2024

taxmann.com 173 (Rajasthan)], Commissioner of Income-tax v. Ashok Leyland Ltd. [(2012) 23 taxmann.com 50 (Madras)], Commissioner of Income-tax v. Kreon Financial Services Ltd. [(2013) 38 taxmann.com 46 (Madras)], and Commissioner of Income-tax v. Indo Nissin Foods Ltd. [(2013) 35 taxmann.com 637 (Karnataka)], that when it comes to claiming deduction in respect of consultancy fees, we ought to make a distinction between consultancy fees that have a proximate nexus with the acquisition of a capital asset or capital receipt, and those that do not. He points out that in the instant case, there was only a remote connection between the expense incurred for obtaining advice of the consultant, and the actual acquisition of a capital receipt/asset, and hence the claim for expenses had to be allowed by treating the same as revenue expenditure.
Kerala High Court Cites 16 - Cited by 0 - A K Nambiar - Full Document
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