Search Results for Tag : Expenditure
Notifications & Circulars
CSR expenditure during 2014-2015(03.05.2016)
The Minister of Corporate Affairs released figures on expenditure towards Corporate Social Responsibility activities between 2014 and 2015. A grand to.....
Tags : Corporate social responsibility, expenditure, public good
Judgments
Provisions of IT Act are not applicable on mere reimbursement of business expenses of company(16.03.2020)
The assessee being resident individual was assessed for year under consideration under Section 143(3) of Income Tax Act, 1961 (IT Act)on 28th November.....
Tags : Expenditure, Additions, Legality
LIBOR rate of interest is applicable while computing the notional interest on receivables from the associated enterprises (AEs)(07.05.2021)
The brief facts of the case are that, the assessee is a Private Limited company engaged in the business of manufacturing steel rods filed its return o.....
Tags : Assessment, Expenditure, Disallowance
Expenditure incurred for up-gradation of existing products is revenue expenditure(17.05.2022)
The issue in the present appeal relates to the allowability of the expenditure claimed as product development expenses of Rs.1,42,39,571 as revenue ex.....
Tags : Assessment, Expenditure, Nature
IBC has overriding effect on all the acts including Income Tax Act(16.02.2023)
The assessment proceedings have been initiated against the Assessee and an assessment order came to be passed by disallowing the expenditure of Rs. 44.....
Tags : Assessment, Expenditure, Disallowance
Disallowance of expenses under Section 14A of IT Act cannot exceed amount of exempted income(17.03.2023)
The assessee filed its return of income for assessment year 2015-16 declaring total income of 50,49,400. The case of the assessee was selected for lim.....
Tags : Assessment, Expenditure, Disallowance
AO is not empowered to apply Rule 8D of IT Act without considering the correctness of the assessee's claim in respect of expenditure incurred in relation to the exempt income(20.02.2023)
The assessee filed its return for income for A.Y. 2011-12 on 21.11.2011 declaring total income at Rs. 358,47,29,328 under normal provisions and book p.....
Tags : Assessment, Expenditure, Disallowance
News
#Union Budget 2022-2023:Outlay for Capital Expenditure(01.02.2022)
Union Budget has stepped up the outlay for capital expenditure by 35.4% to 7.50 lakh crores in 2022-23. This outlay will be 2.95 of the GDP. Further,.....
Tags : Union Budget, Capital Expenditure
ITAT: Consultation Fee Paid by Times Internet to EY Allowable as Expenditure(01.07.2022)
Income Tax Appellate Tribunal (ITAT), Delhi bench while allowing relief to Times Internet has allowed the consultation fee paid to EY as business expe.....
Tags : ITAT, Consultation Fee, Expenditure
ITAT: Product Development Expenditure is ‘Revenue’ in Nature(23.05.2022)
Income Tax Appellate Tribunal (ITAT), Pune bench has held that the expenditure incurred on testing and validation of the products is revenue in nature.....
Tags : ITAT, Income-Tax Act, 1961, Product Development Expenditure, Revenue
Architect Fees Paid For Construction Of Building Is Capital Expenditure: ITAT(12.09.2018)
Delhi bench of ITAT has held that the architect fees paid by the assessee for the construction of the building which was not used for the purpose of t.....
Tags : ITAT, Architect Fees, Capital Expenditure
Honorarium Paid to Chairman of Govt Company is Business Expenditure: ITAT(13.07.2018)
Delhi bench of Income Tax Appellate Tribunal in has held that honorarium paid to Chairman of a Government Company is allowable as business expenditure.....
Tags : Income Tax, Business Expenditure
ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)
Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....
Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961
ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)
Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....
Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961
ATMs are to be treated as computers, entitled to a high rate of depreciation(16.06.2020)
Assessee is engaged in the business of manufacture of automated teller machines (ATMs) and distribution of NCR book products and commissions in India......
Tags : Assessment, Expenditure, Depreciation
ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)
Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....
Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961
ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)
Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....
Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961
ITAT: Lease Rental on Equipment Paid Without Acquiring Ownership is Revenue Expenditure(21.07.2022)
Income Tax Appellate Tribunal (ITAT) held that lease charges paid for the use of the asset, without acquiring any ownership rights in the same, are al.....
Tags : ITAT, Lease Charges, Revenue Expenditure
ITAT, Chennai Directs AO to Allow Expenditure at Head Office Against Interest Income(08.03.2021)
Income Tax Appellate Tribunal (ITAT), Chennai has directed the Assessing Officer to allow expenditure incurred at Head Office except for director sala.....
Tags : Income Tax Appellate Tribunal, Expenditure at Head Office
Delhi High Court Seeks Centre’s Reply on AAP’s Plea Against Recovery of Ad Expenditure(09.05.2017)
Delhi High Court has sought a response from Centre on a plea by Aam Aadmi Party (AAP) seeking quashing of a demand notice for recovery of Rs 97 crore .....
Tags : Delhi High Court, Ad Expenditure, Aam Aadmi Party
ITAT Delhi: Corpus Fund Received for Capital Expenditure Not Taxable If Trust Not Registered(23.05.2017)
Delhi ITAT has held that corpus fund which is meant for specific purpose to meet out capital expenditure could not be part of annual receipts of educa.....
Tags : Delhi ITAT, Capital Expenditure
ITAT Bangalore: Expenditure Incurred on Issuance of Debentures is Revenue Expenditure(01.06.2017)
ITAT Bangalore has directed the AO to allow expenditure incurred in relation to issuance of debentures as it constitute revenue expenditure under the .....
Tags : ITAT Bangalore, Revenue Expenditure
ITAT Chennai: Entries in Books of Accounts Does Not Prove Genuineness of Expenditure(12.06.2019)
Income Tax Appellate Tribunal (ITAT), Chennai has held that mere entries in the books of accounts do not prove genuineness of the expenditure. The Tri.....
Tags : ITAT Chennai, Expenditure
ITAT Delhi: Money Spent on Scholarships for Students is Revenue Expenditure(14.08.2019)
Income Tax Appellate Tribunal (ITAT) Delhi has ruled that the sum of money paid by Senior Advocate Harish Salve towards scholarships of students at Ox.....
Tags : ITAT Delhi, Revenue Expenditure
Cal. HC: Interest Paid on Cash Loan Falls Within the Ambit of Unexplained Expenditure(01.09.2023)
Calcutta High Court has held that payment of interest on a cash loan falls within the ambit of unexplained expenditure within the meaning of Section 6.....
Tags : Calcutta High Court, Unexplained Expenditure, Cash Loan
ITAT: Commission Expenditure Can’t Be Disallowed For Want of Confirmation Letters From Recipients(18.11.2021)
ITAT, Pune Bench has held that the commission expenditure claimed by the assessee cannot be disallowed merely because the assessee could not furnish t.....
Tags : ITAT, Commission Expenditure
Manipur HC: Mere Failure to Maintain True Account of Election Expenditure Not Corrupt(24.02.2022)
Manipur High Court has held that mere failure to maintain a true and correct account of election expenditure would not per se amount to corrupt practi.....
Tags : Manipur High Court, Account of Election Expenditure