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Income Tax - Highlights / Catch Notes

Home Highlights August 2023 Year 2023 This

Revision u/s 263 - allowability of sales promotion incentive ...

Income Tax

August 4, 2023

Revision u/s 263 - allowability of sales promotion incentive which was admittedly not subjected to TDS under section 194H - We fail to understand how the AO has allowed the impugned expenditure without examining / verifying the agreement entered into between the assessee (the payer) and its dealers (the payees). - Revision proceedings sustained - AT

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  1. Invocation of section 263 of the Act – Allowability of the expenditure - scope of deeper inquiry to be conducted by AO - revision upheld - AT

  2. Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

  3. Revision u/s 263 - The ITAT held that the AO had conducted adequate inquiries into the sales promotion expenses, as evidenced by the issuance of specific queries to the...

  4. Allowability of deduction u/s 80IA(4) - the incentive received as per the scheme of the Central Govt. had no first degree connection with the industrial undertaking of...

  5. BAS - Commission on Promotion and Marketing – incentives were received in respect of all the models as quantity discounts or prompt payment discounts in respect of...

  6. Cenvat credit - entitlement - Whether the Commission Agent Services would be classifiable as Business Auxiliary Service as per Department or Sales Promotion service as...

  7. Revision u/s 263 - CIT observed that huge sales promotion expenses has not been looked into deeply. Although a 5% disallowances has been made, but no meaningful...

  8. Validity of revision proceedings u/s 263 - Adoption of either of view by AO - allowability under section 36(1)(viia) - The court concludes that the original assessment...

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  10. Sales promotion expenses - expenditure with respect to the gold chains being distributed - expenditure allowed - AT

 

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