GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (9) TMI 1061 - ITAT MUMBAI

2016 (9) TMI 1061 - ITAT MUMBAI - TMI - Disallowance of legal expenditure and travelling, hotel expenditure - Held that:- From the record we found that that the expenditure is incurred by the assessee in his character as a professional and is not an expenditure which is personal in nature. The assessee has in his professional capacity been a director of various limited companies has earned professional fees for the services rendered to these companies. He was a director of Nagarjuna Finance Limi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Centre for Policy Research, Indian Institute of Capital Markets, CII, SEBI etc. He regularly gets sitting fees and commission from many of these Companies. The assessee was also an independent Director on the board of Nagarjuna Finance Limited. Nagarjuna Finance Limited had collected Fixed Deposits from the public. Nagarjuna Finance Limited was charged with default in repayment of fixed deposits and interest thereon. Mr. Nimesh Kampani has been mentioned as one of the accused among several othe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ccordingly we direct the A.O. to allow legal expenses. - In respect of travelling expenditure, it appears that the assessee has filed details before the CIT(A) under Rule 46A, which was declined by the CIT(A) as additional evidence. Since the impugned expenditure also partake the character of professional expenses and which goes to the root of the issue while deciding allowability of hotel and travelling expenses, we restore the matter back to the file of the A.O. for considering the additio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Mumbai dated 26.02.2013 for the assessment year (A.Y.) 2009-10. In this appeal, the assessee is aggrieved for disallowance of legal expenditure of ₹ 40,72,750/- and travelling, hotel expenditure of ₹ 14,93,188/-. 2. Rival contentions having been heard and record perused. Facts in brief are that the assessee debited an amount of ₹ 55,65,938/- under the head "legal fees and related expenses". In respect of this expenditure, the assessee explained to the Assessing Offic .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/s. Nagarjuna Finance Ltd. including against the assessee. To defend himself, the assessee had appointed various advocates to represent his case before various courts viz., District Court, High Court, Supreme Court. The appellant paid fees to the advocates and other expenses incurred. The details of such expenses were furnished by the assessee to the Assessing Officer. The assessee argued before the Assessing Officer that the expenditure was incurred to protect his business interest and, therefo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ee has claimed legal fees and related expenditure of ₹ 55,65,938/-, which was disallowed by the A.O. on the plea of personal expenses. From the record we found that that the expenditure is incurred by the assessee in his character as a professional and is not an expenditure which is personal in nature. The assessee has in his professional capacity been a director of various limited companies has earned professional fees for the services rendered to these companies. He was a director of Nag .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

13-7-2017 Central Excise

13-7-2017 Customs

12-7-2017 Goods and Services Tax

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version