Income Tax : ‘Income’ & ‘Expenditure’ Pertaining to Pre-Commencement Business Period: Whether Capital or Revenue? – An Insight fo...
Income Tax : The government would introduce a scheme to provide a subsidy for advancing the development of industries mainly in backwards areas...
Fema / RBI : In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system ...
Income Tax : When a lease is transferred it involves payment of some transfer charges to the lessor for the transfer of lease as well as paymen...
Income Tax : The alarming rate of ever increasing pollution is a matter of concern for each of us especially those living in the territory of D...
Finance : “There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a...
Income Tax : ITAT held that entries in the books of accounts do not dictate tax treatment. As long as expenses were allowable under relevant se...
Income Tax : The issue under consideration is whether the expenditure incurred by the assessee on the lease premises towards civil furniture, ...
Income Tax : ACIT Vs Bajaj Holdings & Investment Ltd (ITAT Mumbai) The issue under consideration is whether the replacement of jigs and fix...
Income Tax : The issue under consideration is whether the expenditure incurred in renovation and redecoration of rooms in a hotel is a revenue ...
Income Tax : It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are...
ITAT held that entries in the books of accounts do not dictate tax treatment. As long as expenses were allowable under relevant sections of Income Tax Act, appellant was entitled to claim them.
The issue under consideration is whether the expenditure incurred by the assessee on the lease premises towards civil furniture, etc. is a revenue expenditure or capital expenditure?
ACIT Vs Bajaj Holdings & Investment Ltd (ITAT Mumbai) The issue under consideration is whether the replacement of jigs and fixtures considered as revenue expense or capital expense? ITAT states that, the expenditure incurred on replacement of jigs and fixtures are basically tooling aids required in the production process and these items are part of […]
The issue under consideration is whether the expenditure incurred in renovation and redecoration of rooms in a hotel is a revenue expenditure or capital expenditure?
‘Income’ & ‘Expenditure’ Pertaining to Pre-Commencement Business Period: Whether Capital or Revenue? – An Insight for ‘Start-Ups’!! “To be curious is a good thing and to work towards satisfying ones’ curiosity is even better.”- Mayank Mohanka Introduction: The critical question concerning the nature and taxability of ‘income’ and ‘expenditure’ pertaining to the ‘pre-commencement business/commercial production’ […]
The government would introduce a scheme to provide a subsidy for advancing the development of industries mainly in backwards areas. The assistance was provided primarily for recouping the assessee on the expenditure incurred for the establishment of the industry.
It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the requirement of the certificates.
In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system , there’s no chance of under recovery.
Whether payments made by the assessee to its holding company Nitrex Chemicals India Ltd for the use of its trademark and for the purpose of obtaining expertise in commerce, finance,manufacturing etc. amounted to revenue expenditure instead of capital expenditure?
When a lease is transferred it involves payment of some transfer charges to the lessor for the transfer of lease as well as payment of stamp duty on registration of lease in the name of the new lessee. The question here arises is that whether transfer charges and stamp duty paid for transfer of lease would be allowable as revenue deduction under the provisions of the Act.
