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Income Tax - We know that there are five heads of income, in which income of any assessee has been taxed. There may be different types of income an assessee earned during previous year such as income from salary, House Property, Profit and gain from business or profession, Capital Gain and Income from other sources. Section 28 is […]...
Read MoreIncome Tax - Condition for allowance under section 37 - Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly ...
Read MoreIncome Tax - In actual practice there is a good deal of difference of opinion as to whether a particular payment is capital or revenue expenditure. Sometimes, the distinction between capital and revenue creates a considerable litigation. In many cases borderline between the two is very thin. However it is essential to distinguish revenue expenditure a...
Read MoreIncome Tax - Many times reference has been sought regarding the question whether inaugural expenses incurred by a person are deductible under section 37(1) or not while computing the profits & gains from business or profession (of that person)....
Read MoreIncome Tax - A pure reimbursement doesn't constitute a reward or compensation paid for a service rendered. Hence, a mere reimbursement of expenses cannot be construed as ‘royalty’ or ‘payments for services rendered’ since what is achieved by a reimbursement is a mere repayment of what has been already spent....
Read MoreDCIT Vs EIH Associated Hotels Ltd. (ITAT Kolkata) - DCIT Vs EIH Associated Hotels Ltd. (ITAT Kolkata) It is noted that the staff recruitment expenses were incurred only exclusive for the purpose of business and hence allowable expenditure. We note that the expenses on account of employees’ relation expenses to the tune of Rs. 3,78,242/- was incurre...
Read MoreLoesche India Pvt. Ltd Vs ACIT (ITAT Delhi) - Loesche India Pvt. Ltd Vs ACIT (ITAT Delhi) The record reveals that the assessee had paid the insurance premiums of the employees’ family members in terms of employment Rules framed by the assessee-company there for. Therefore, it can hardly be said that the impugned expenditure were not incurred ...
Read MoreM/s. M. Hanumantha Rao Vs ACIT (ITAT Bangalore) - Addition of amount representing 15% of sale proceeds deducted by the Monetary committee from e-auction sale of mineral stock belonging to assessee and which was contributed to Special Purpose Vehicle, as per the direction given by Hon’ble Supreme Court was justified as the same constituted trading...
Read MoreFIH India Private Limited Vs DCIT (ITAT Chennai) - FIH India Private Limited Vs DCIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee has written off input Service Tax during the impugned financial year relevant to assessment year 2010-11. But, the dispute is with regard to deductibility of input service tax. The AO has d...
Read MoreAdd. CIT Vs Rites Limited (ITAT Delhi) - Addl. CIT Vs Rites Limited (ITAT Delhi) AO has disallowed claim of the assessee company qua CSR expenditure by misinterpreting the provisions contained under section 37(1) of the Act by observing that since CSR expenditure is not incurred for the purpose of carrying on the business, such expenditu...
Read MoreDCIT Vs EIH Associated Hotels Ltd. (ITAT Kolkata) -
Loesche India Pvt. Ltd Vs ACIT (ITAT Delhi) -
M/s. M. Hanumantha Rao Vs ACIT (ITAT Bangalore) -
FIH India Private Limited Vs DCIT (ITAT Chennai) -
Add. CIT Vs Rites Limited (ITAT Delhi) -
Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) -
Hindustan Tin Works Ltd. Vs DCIT (ITAT Delhi) -
Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur) -
Aptean India Pvt. Ltd. Vs DCIT (ITAT Bangalore) -
DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore) -
