Home Highlights January 2014 Year 2014 This

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1. Nature of expenses - Allowable expenses u/s 37(1) - Interest and late fee on TDS, Late payment & penalty charges, Interest on margin trading facility - There was no...

2. 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...

3. Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

4. Disallowance of corporate social responsibility expenses - There is no dispute that the expenses in question are not incurred under the aforesaid statutory obligation....

5. Disallowance of illegal expenses - A little bit of interplay between Section 115BBE and Section 37(1) of the Act might throw more light on both the provisions. If a loss...

6. Disallowance on account of expenses incurred on corporate social responsibility - Both the lower authorities have disallowed the expenses only on the ground that...

7. Disallowance of sales promotion expenses being gifts to doctors and hospitals - Allowable business expenditure u/s 37(1) - the MCA regulations are applicable to the...

8. Disallowance of Corporate Social Responsibility (CSR) expenses u/s 37(1) - prior to insertion of Explanation – 2 to section 37(1) of the Act, w.e.f., 01.04.2014, as per...

9. TDS u/s 195 - disallowance u/s 40(a)(i) - allowability of expenditure u/s 37(1) - there is no question of alternating between section 37(1) of the I.T.Act and section...

10. Allowable revenue expenditure u/s 37(1) - Writing off of advance given to the Director - waiver of excess remuneration paid to the Director - The provisions of Section...

11. Disallowance of expenditure u/s 37(1) - Amount paid as penalty for using electricity during restricted hours - the amount paid being penalty, the AO was justified in...

12. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

13. Allowability of deduction u/s 37(1) of the Act - Amount of service tax included with interest – expenses have direct nexus with the business operation - expense allowed - HC

14. Refund of excess amount lying to the credit of electronic cash ledger of the petitioner - applicability of proviso to sub-section (1) of Section 54 or sub-section (1) of...

15. Disallowance of building renovation expenses – Capital or revenue expenses - the expenses are to be treated as revenue in nature and allowable u/s 37(1) of the Act - AT