Home Highlights November 2011 Year 2011 This

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1. Expenditure on FCCB and debenture issue - The expenses in connection with public issue of shares or debentures of the company are allowable - QIB expenditure can be...

2. Business expenditure u/s.37(1) - share issue expenses - assessee has abandoned the proposal to issue shares at later stage - when the nature of expenditure incurred by...

3. Disallowance of ESOP expenses - in terms of ESOP if an assessee offers shares of its parent company to its employees the difference between the FMV of the shares of the...

4. Amortisation u/s section 35D - Euro issue expenditure - the expenditure that qualified for consideration under section 35D is restricted by reason of use of the phrase "being" - HC

5. Allowance of expenditure in respect of preliminary expenses under section 35D - an apparent extension or expansion must take place by establishing new undertaking - The...

6. Addition towards ROC expenses - section 35D provides amortization of certain expenses, which are in the nature of capital/intangibles/preliminary expenses, which have...

7. CSR expenditure - whether a allowable business expenditure? - explanation to Section 37(1) of the Act would not be applicable as it was with effect from the assessment...

8. Deduction u/s. 35D - shares may have been allotted only to selected Qualified Institutional Buyers ("QIBs") - These regulations provide that when a company has a public...

9. Expenditure on Depository Services and Dematerialisation of share certificates - the expenditure was allowable as normal business expenditure - HC

10. Nature of expenditure - expenses incurred on account of professional and legal fees - The expenses are not incurred for exploring the market for a new product and rather...

11. Deduction u/s 35D - the assessee had increased the share capital by way of private placement with its holding, hence, deduction u/s 35D not allowable to the assessee - AT

12. 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...

13. Levy of Service Tax - Brokerage/Commission received towards the services relating to public issue of Equity Shares/Bonds - The issue is no longer res-Integra as the...

14. Nature of expenditure incurred on account of issue of bonds - revenue expenditure or capital expenditure – expenditure was a permissible deduction - HC

15. Revenue v/s capital expenditure - , the expenditure incurred by the assessee on conversion of convertible debentures into equity shares has to be treated as capital...