Home Highlights February 2011 Year 2011 This

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1. If a sum was paid by the assessee that may render him liable to penal action, the same could not be allowed as deductible expense – SC

2. Nature of expenses - Allowability of Penal Interest paid to NOIDA - CIT(A) correctly allowed the assessee to capitalize the interest paid by the assessee to Noida...

3. Addition of expenses as penal in nature - forfeiture of the Bank Guarantee - it was related to the business activities of the assessee and was revenue in nature,...

4. ST – Reimbursement of expenses are not deductible from gross value

5. TP Adjustment - Recovery of expenses represent expenses incurred by the assessee company on behalf of AE towards Bid bond expenses. These expenses were also recovered by...

6. Deduction of big amounts debited as IICM contribution in the profit and loss account - Ascertained expenditure - The tribunal examined the factual position as well as...

7. Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

8. Non payment of service tax - Banking and other financial services - f penal charges arises on account of a separate cause of action which is independent of lending...

9. Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

10. Allowable business expenses - commission paid by assessee to his daughter-in-law - in the absence of any evidence to the effect of actual rendering of services and work...

11. Valuation - C&F agent service - inclusion of reimbursement of expenses - charges collected for activities like loading, unloading, etc are includable in the assessable...

12. Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

13. MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

14. Expenses under the head research and development - deduction of such expenses under the provisions of section 37(1) OR u/s 35 - the genuineness of the expenses cannot be...

15. Revision u/s 263 - disallowance of expenses - AO had after deliberating at length arrived at a plausible view i.e., allowing of the assessee’s claim for deduction of...