Income Tax : The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ru...
Income Tax : The article explains how the ITAT allowed deduction of abandoned software project costs as revenue expenditure. The ruling clarifi...
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 ...
Finance : “There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a...
Income Tax : The court held that expenditure on replacement of independent machinery cannot be treated as revenue when it results in a new asse...
Income Tax : ITAT Ahmedabad ruled on Unimed Technologies' software license and renewal expenses, classifying them as revenue. The tribunal also...
Income Tax : The ITAT Ahmedabad has remitted the case of Gujarat State Road Development Corporation Ltd. for a fresh assessment due to insuffic...
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, ...
The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ruled that brand promotion does not create an enduring capital asset or goodwill.
The article explains how the ITAT allowed deduction of abandoned software project costs as revenue expenditure. The ruling clarifies that no capital asset arises when a project is permanently abandoned.
The court held that expenditure on replacement of independent machinery cannot be treated as revenue when it results in a new asset or advantage. It set aside the Tribunal’s order for relying on a precedent later overturned by the Supreme Court and remanded the case for fresh adjudication.
ITAT Ahmedabad ruled on Unimed Technologies’ software license and renewal expenses, classifying them as revenue. The tribunal also addressed interest expenditure disallowance.
The ITAT Ahmedabad has remitted the case of Gujarat State Road Development Corporation Ltd. for a fresh assessment due to insufficient evidence supporting deferred revenue recognition.
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’ […]
