Home Highlights March 2014 Year 2014 This

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1. Loss due to embezzlement by an employee - loss on account of theft be treated as business loss - no interference reuired - - HC

2. The loss caused by embezzlement by the employee was incidental to the employment and entrustment of duty and should be allowed in computing the business income of the...

3. Allowability of business loss - the embezzlement by one of the Directors/employee during the ordinary course of business is a pilferage of the company funds can be a...

4. Allowability of capital loss as well as the right of deferred tax assets - Disallowance of capital expenditure debited to the profit and loss account - whether CIT-A...

5. Claim of deduction against Embezzlement of funds by the employees of the assessee-society - Undisputedly, no doubt has been cast on the embezzlement of funds -...

6. Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial...

7. Disallowance of bad debt/forfeiture of advance - If there is direct and proximate nexus between the business operation and the loss, or it is incidental to it, then the...

8. Adhoc disallowance of 20% of total expenditure incurred on repairs and maintenance and treating the same as capital expenditure mechanically and perfunctorily - No...

9. Disallowance on provision of loss on derivative contracts - The loss sustained by the assessee due to fluctuation in foreign exchange while implementing export contract...

10. Disallowance of software expenses - Disallowance is in respect of expenditure claimed towards “repairs - computers-annual maintenance” and “Repairs-computers-others” -...

11. Nature of expenditure - the amount paid by assessee to ITC Limited at the time of termination of the agreement to manage the hotel, ought to be allowed, as a revenue...

12. Nature of expenditure - Revenue expenditure or capital expenditure - expenditure incurred by the Appellant for raising floor height of Godown - The expenditure so...

13. Loss of precious metal - Notional loss or actual loss - Abnormal loss incurred by the assessee can be treated as revenue expenditure to be allowable during this year or...

14. Derivative trading loss as business loss - when undisputedly assessee has entered into transaction of derivatives after 01.04.2006 in a recognised stock exchange as per...

15. Disallowance on account of bad debt/trading loss - the assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss.