Home Highlights February 2019 Year 2019 This

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1. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

2. Addition on account of prior period expenditure - deducting prior period income From prior period expenditure is against well settled principles of law. - AT

3. Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

4. Disallowance of Prior Period Expenses - if the prior period expenditure is disallowed on the ground that it does not pertain to this year, the assessing officer cannot...

5. Prior period expenditure - Whether Tribunal is right in holding that the expenditure was crystalized during the relevant previous year when the assessee hijmself has...

6. Disallowance to the extent of 20% of the expenditure relating it to period prior to the setting of PO in India - when it is not possible to verify if the expenditure...

7. Revision u/s 263 - MAT - assessment of the prior period income’s assessment for the purpose of sec.115JB computation as per the scheme of settlement of case - once the...

8. MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

9. Prior period expenditure - Addition of legal and professional charges - if the Tax Consultant following its general practice raises the invoice upon conclusion of the...

10. Disallowing of Peak load violation charges paid to PSEB - nature of expenditure - assessee failed to prove that the claim was not penal in nature - expenditure was...

11. Initiation of CIRP - There being categorical default by the Respondent prior to Section 10A period, the Corporate Debtor was clearly not entitled to claim the benefit of...

12. TP Adjustment - Disallowance of expenditure u/s 40(a)(ia) - any expenditure not for the purpose of business, the A.O. can certainly re-characterize the same as not...

13. Disallowance of non-compete fees - Capital or revenue expenditure - expenditure has to be disallowed as capital expenditure - however depreciation to be allowed - AT

14. Disallowance of provision for fraud - AO and CIT(A) doubting the type of expenditure has observed that out of total expenditure for the year 1/5th is to be disallowed -...

15. Bogus expenditure - Guinness of expenditure - A.O. cannot disallow the expenditure simply on assumption or surmises basis by holding that the contractor does not have...