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2012 (9) TMI 524 - HC - Income TaxExpenditure on Joint Venture for Insurance business and other expenses - market research expense on life insurance business in India - ITAT allowed it as deductible expenditure in the hands of assessee - Held that:- the mere circumstance that common funding of the (proposed) business existed, and there was a management which conceived the start of the new business activity, did not make the proposed joint venture business an “existing business” for the expenditure to qualify as revenue expenditure - These expense are pre-start up expenses in respect of an aborted activity - against assessee. Deduction towards provision for salary, Provident Fund, Monesana Wage Board - Held that:- The character of the amounts in this case is pure and simple arrears of wages, which were directed to be paid as a result of wage revision exercise mandated by an award. - the Tribunal was justified in holding that the liabilities arising out of the Monesana Wage Board award were justifiably deductible as expenditure, and not covered by Section 43-B - As the Tribunal itself did not grant relief in respect of contributions to Provident funds, and allowed only such portions as were actually paid - against revenue.
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