revenue expenditure

CASE LAW DETAILS Decided by: ITAT, BANGALORE BENCH `B’ ,  In The case of: ACIT v Khoday India Ltd,  Appeal No.: ITA No. 338/Bang/08, Decided on: December 12, 2008 RELEVENT PARAGRAPH 4.1     The Assessing Officer from the details filed noticed that the assessee has claimed a sum of Rs.3,24,91,003/- as deferred revenue expenditure. The assessee vide letter dated 15th [...] Full Article

Income Tax Appeal No. : 8 of 2007, In the Case of: C.I.T. Udaipur V/S M/S Secure Meters Ltd., Date of Order: Date Of Order: 20.11.2008 , Decided by : High Court of Judicature for Rajasthan at Jodhpur SUMMARY OF THE CASE LAW The assessee incurred expenditure on issue of convertible debentures. The department claimed [...] Full Article

CIT vs. Enron Oil & Gas (Supreme Court) - Where the Assessee had entered into a production sharing contract with a consortium which was governed by section 42 of the Act and the assessee made contribution at a certain rate to the consortium whereas the expenditure incurred out of the said contribution stood converted on the basis of a different exchaneg rate which exercise resulted into a loss on conversion of foreign currency to the assessee and the AO held the loss to .. Full Article

FOR the Income Tax Department, the latest ruling of the Larger Bench of the Punjab & Haryana High Court amounts to a big win. And, at the centre of the dispute was whether the interest paid on borrowed capital for purchasing new plant and machinery before the same is put to use is revenue expenditure or to be added to the 'actual cost' of the asset? What further complicated the issue was the fact that the assessee was a running company and wanted to set up a new plant by.. Full Article