Home Highlights November 2014 Year 2014 This

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1. R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...

2. Nature of expenditure - Allowable business expenditure or personal expenditure - education expenses of the daughter - With the logic advanced by assessee, every...

3. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

4. Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

5. Deduction of research and development expenses claimed u/s 35(2AB) - weighted deduction - whether the expenditure claimed by the assessee is required to be approved by...

6. Ad-hoc disallowances of the expenses - the expenses claimed for the purpose of the business cannot be disallowed merely on the reasoning that these expenses were...

7. Nature of income earned by the assessee from letting out of property - undoubtedly the main objects of the assessee company provides to carrying on the business of...

8. Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

9. Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

10. 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...

11. Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

12. 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...

13. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

14. Disallowances of expenses - no business activity - merely lull in the business activities does not mean that the assessee has closed down its business activities. - the...

15. Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...