Claim of expenditure of the amount forfeited by the Seller for ...

Income Tax

July 19, 2016

Claim of expenditure of the amount forfeited by the Seller for non-fulfillment of the purchase agreement - assessee is dealer in immovable property and it is for a businessman to decide the manner in which he should conduct his business and take steps which are in the best interest of his business. A mere loss in a venture does not mean that the transaction is not genuine. - HC

View Source

← Previous Next →

Claim of expenditure of the amount forfeited by the Seller for ...

Income Tax

July 19, 2016

You may also like:

Non Competition Fee - expenditure claimed by the assessee in pursuance of non-compete agreement are capital expenditure-.... - AT

Disallowance of the claim of depreciation on intangible asset - amalgamation scheme initiated - when there is no transfer of the asset as well as there is no valuation...

Claim of expenditure u/s 37(1) - Cancellation of sale agreement - assessee has claimed an expenditure as advance made for purchase of property forfeited - AO treated the...

Disallowance of claim of ‘surrender right fee’ - allowable business expenditure or not? - the assessee was not able to get necessary approvals and clause 3.4 provided...

Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

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...

Disallowing claim of expenditure - non-carrying of business activity during the year under reference - The case involved an appeal by an assessee against the...

Recovery of duty foregone - non-fulfillment of export obligation - non-installation of the capital goods and consequent non-fulfilment of post-importation condition -...

Input Tax Credit - purchases made from the seller who had discharged its tax liability but the preceding seller has not discharged its liability under the Act - If the...

Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

Non-deduction of TDS - Disallowing u/s. 40(a)(ia) - If the AO accepts the contention of assessee that expenditure was capitalized, then there is no necessity to examine...

Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

Claim of expenditure on advertisement u/s 37 - Just because, assessee has claimed the amount as deferred revenue expenditure in the Profit & Loss Account, the nature of...

Disallowance of paddy purchase - purchases from Societies and Samathies - A bogus purchase implies no purchase, while verification w.r.t. s. 40A(3) necessarily implies a...

Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

Quick Updates: