Income Tax : Explains when food and hospitality expenses qualify as business deductions and outlines the tests under Section 37(1) to distingui...
Income Tax : Explains how Section 37(1) restricts deductions to expenses exclusively for business and highlights gray-area items like home offi...
Income Tax : ITAT Ahmedabad held settlement payments in foreign civil cases are deductible under Section 37(1) as compensatory, not penal, and ...
Income Tax : Summary of Section 37(1) IT Act for business expenditure deduction. Covers "wholly and exclusively" test, commercial expediency, ...
Income Tax : Examines the tax implications of employer-funded education, covering employer deductions and employee taxation. Includes analysis ...
Income Tax : The Supreme Court held that interest paid on borrowed funds was deductible under Section 36(1)(iii) because the loan was used for ...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : ITAT Mumbai held that although foreign commission expenditure was non-genuine and liable for disallowance, amounts already written...
Income Tax : ITAT Chennai held that before the 2016 amendment, DSIR approval under Section 35(2AB) related to the in-house R&D facility and not...
Income Tax : The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affect...
Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee relationships, and GST applicability.
ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capital gains computation, the related unaccounted expenditures stand explained and cannot be taxed separately as unexplained expenses.
The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.11.2014.
Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and hence, the same was not a case for initiation of penalty proceedings u/s. 270A.
A search and seizure action u/s.132 of the Act was conducted in the assessee’s case on 14.11.2019. AO observed that during the course of search action, a pen drive was found from the cabin of the Head-Cashier.
ITAT Jaipur held that addition under section 68 of the Income Tax Act towards unsecured loan is untenable since loans accepted were repaid in the same year and all the transactions were carried out through banking channels. Accordingly, appeal of revenue dismissed.
In the matter abovementioned ITAT deleted addition made on account of expenditure incurred for initial public offering (IPO) which was subsequently aborted. ITAT held that this expenditure is allowable being revenue in nature.
In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after considering that assessee didnot submit proper documents before lower authorities.
Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deduction under section 37 of the Income Tax Act. Accordingly, appeal of the revenue dismissed.
Punjab and Haryana High Court refused to de-freeze bank account of company alleged to have dishonestly induced individuals/ investors to invest in cloud particles thus involved in scheduled offences under Prevention of Money Laundering Act, 2002.
