Disallowance of project expenses - Addition on the ground as no ...

Income Tax

June 21, 2021

Disallowance of project expenses - Addition on the ground as no project-wise accounting was available and no work-in-progress was reported - As the assessee is engaged in the business of consultancy services definitely there can be some overlap of the expenses between two years. However that does not give any rise to the AO to disallow the expenditure @10% and treat it as work in progress. - AT

View Source

← Previous Next →

Disallowance of project expenses - Addition on the ground as no ...

Income Tax

June 21, 2021

You may also like:

Adhoc Addition on account of personal use of car, on account of tour and travelling expenses and on account of telephone expenses - When undisputedly assessee has...

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...

Disallowance of project management expenses claimed u/s 37 - Change in method of accounting in respect of project management expenses - assesee was well within its right...

Addition on account of unvouched expenses - Salary expenses - The addition of finally made by CIT(A) comes to less than 10% of expenses claimed, accordingly, the...

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...

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...

Disallowance on account of 'mark to market loss' on F&O transaction - additions deleted - AT

Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

Disallowance u/s 37 (1) on account of 'job charges' - onus to prove - Disallowance of 10% of the expenses - Having accepted the books of accounts, disallowing 10% of the...

Assessment u/s 144 - estimation of income - Method of accounting - Non rejection of books of account - disallowance of expenses, addition of inflated purchases and...

Disallowance of various expenses on ad hoc basis - While scrutinizing the expenditure if the expenses claimed are not having any nexus to the business of the assessee or...

Ad hoc additions on account of entertainment expenses and on account of Seminars/conferences - there was no material on record to show that any part of the these...

Rejection of books of account - Correct method of accounting - following cash system of accounting instead of accrual method of accounting - He has not cared to discuss...

Disallowing the expenses on the reasoning that corresponding income was not offered to tax - matching principles of the accounting treatment - part of the activity of...

CIRP - Confinement of CIRP to one project - absence of any Project financing being brought in by the Promotor - absence of any Project Wise Accounts - whether the...

Quick Updates: