I.t.t.a v. Accordingly, The Appeal Is Dismissed. No Order As To Costs

HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE K.C.BHANU I.T.T.A.No.330 of 2013 Date: 13.08.2013 Between: The Commissioner of Income Tax-IV,Hyderabad. .....Appellant AND National Mineral Development Corporation Ltd., Hyderabad.. ...Respondent HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE K.C.BHANU I.T.T.A.No.330 of 2013 JUDGMENT:(per Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta ) We have heard Sri J.V.Prasad, learned Counsel for theappellant, and gone through the judgment and order of the learnedTribunal. The learned Tribunal on fact found that an amount ofRs.5.00 crores was spent by the assessee as contribution forwelfare of the employees concerned. Therefore, it has to betreated as revenue expenditure for the purpose of business. Further, the learned Tribunal on fact found that the expenditureincurred by the assessee on feasibility study has to be treated asrevenue expenditure. The learned Tribunal has followed thejudgment of the jurisdictional High Court in the case of CIT Vs.Coromandel Cements Ltd., (247 ITR 417). In that judgment it washeld that expenditure incurred on techno-economic feasibilitystudy in order to identify projects is to be treated as revenueexpenditure. Therefore, we do not find any reason to interfere withthe judgment and order of the Tribunal. Accordingly, the appeal is dismissed. No order as to costs. ___________________ K.J. SENGUPTA, CJ _______________ K.C.BHANU, J 13.08.2013 Gsn