Home Highlights June 2014 Year 2014 This

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1. Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of...

2. Disallowance on account of depreciation claimed on the cost incurred in relation to the land being non depreciable asset - To our understanding, the impugned expenses...

3. Disallowance u/s 40A(3) - cash payment made by the assessee for purchase of land - issue of disallowance of expenses does not arise as the amount paid for purchase of...

4. Deduction u/s. 80IA(4)(i) on storage tank MDI and storage tank EDA - By affirming the eligibility for deductions u/s 80IA(4) for the specialized storage tanks, the...

5. Addition u/s 40A - Payment in cash for purchase of land - when the assessee has not debited the amount of cost of land in the profit & loss account nor claimed any...

6. House property income - disallowance of expenses debited on account of earning of such rental income - the issue is restored to the file of the AO with a direction to...

7. Disallowance towards the cost of land - On probing amount of the work in progress the AO has come to know that these expenses have not all been incurred by the assessee...

8. Disallowance of conveyance expenses, staff welfare expenses, sundry expenses and traveling expenses - certain expenses were not supported by third party vouchers,...

9. Valuation - Captive Consumption of goods by the sister concern - expenses to be included in the cost of production - Determination of Cost Plus 10% - Rule 8 - The issue...

10. Capital gain computation - cost of acquisition as well as cost of construction - AO has not even attempted to verify the correctness of the cost of land and construction...

11. Deduction u/s 10A - Adhoc disallowance of professional expenses, electricity charges and miscellaneous expenses - It is not in dispute that the aforesaid administrative...

12. Foreign travelling expenses - assessee had not furnished details of expenses of wife and children - proportionate disallowance confirmed - AT

13. Disallowance of travelling expenses - AO while disallowing the expenses has noted that the expenses were incurred on account of trip by cruise ship by director and his...

14. Disallowance of the expenses claimed on account of employees benefit expenses - AO making the disallowance on the ground that assessee has claimed the expenses basically...

15. Deduction u/s 80IB on account of disallowance of R&D expenses - A.O. Has made this disallowance holding that the profits of the appellant were overstated on account of...