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 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 Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the requirement of the certificates.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.
The alarming rate of ever increasing pollution is a matter of concern for each of us especially those living in the territory of Delhi NCR. Recently, the Hon’ble Supreme Court termed that living in Delhi is like living in a gas chamber. In past, several measures have been taken to curb the pollution and make life of dilliwallahs comfortable.
Allowability of provision made by banks for Investment Depreciation Reserve due to MTM for AFS & HFT and amortization of premium on HTM. Many banks are disallowed for the certain deductions which are to be made as per RBI statutory regulations to run business smoothly. There are differences of opinion regarding allowability of these items. […]
Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition issued by the Institute of Chartered Accountants of India and provisions of S.5 of the Act.
Recently, the Delhi High Court (High Court) in the case of CIT v. Whirlpool of India Ltd. (ITA No. 1154 of 2009) (Judgement date: 24 January 2011 Assessment Year 1996-97) held that additional provision for warranty made was not contingent liability
What is the Budget? Why is it so important? Why does it affect all of us? And, above all, how does one interpret the budgetary lingo flying around? Union Budget is the annual report of India as a country. It contains the government of India’s revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31.
