Home Highlights June 2013 Year 2013 This

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1. Rental deposits written off - allowable revenue expenses u/s 37(1) - The assessee could not occupy the property since the required permission was not taken by the owner...

2. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

3. Expenditure allowable u/s 37(1) - contribution made by an assessee to a public welfare cause - While examining the claim for deduction u/s 37(1) the AO would not blindly...

4. Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

5. Business expenditure u/s.37(1) - share issue expenses - assessee has abandoned the proposal to issue shares at later stage - when the nature of expenditure incurred by...

6. Write off of outstanding dues - Bad debts claimed u/s 36(1)(vii) - Fresh claim before ITAT, in alternative, as business expenditure u/s 37(1) - The assessee at this...

7. Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

8. Claim of expenditure u/s 37(1) - medical insurance premium paid for the family members of the employees of the company - Claim of expenses allowed as business expenditure.

9. Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

10. Disallowance of expenses made u/s.37(1) - disallowance of expenditure on adhoc basis made by the ld. AO by giving a categorical finding that the ld. AO had not even...

11. Expenditure claimed by the assessee to fund the higher education of its director had an intimate and direct connection with its business - expenditure allowed u/s 37(1) - HC

12. Nature of expenditure - assessee itself has capitalized in the financial statements to the expenditure incurred but the assessee has claimed it as a revenue expenditure...

13. Disallowance with respect to expenditure on ESOP u/s 37 - the expenditure in question is wholly and exclusively for the purpose of the business of the assessee and the...

14. Disallowance of expenditure u/s. 37(1) - professional charges paid - quantum of allowance - There is no power to AO to reduce the claim, whereas he can examine whether...

15. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?