Home Highlights July 2013 Year 2013 This

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1. Allocation of head office expenses on R&D activity among the manufacturing units is not correct to re-calculate the deduction u/s 80IA. - HC

2. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

3. Disallowances of expenses - no business activity - merely lull in the business activities does not mean that the assessee has closed down its business activities. - the...

4. Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

5. TP Adjustment - Disallowance of non-operating and non-allocable expenses incurred for exploring new business in the line of Maintenance and Operations of Transportation...

6. Addition of vehicle expenses debited to profit & loss account treating the same as expenses for non-business purposes - Though no construction activity was carried out...

7. Disallowance of finance costs - proof of business expenses - Share in Joint Venture (JV) - Since assessee is not carrying on any business activity on its own, the...

8. Allocation of common expenses between STPI and non-STPI units - The foreign exchange fluctuation can be linked to specific items and how it is not understandable as to...

9. Deduction u/s 80IC - allocation of the cartage expenses and diesel and oil expenses among two units - determination of the eligible profit - CIT(A) has rightly allocated...

10. Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

11. Nature of loss from purchase and sale of share - speculation or non speculation loss - ITAT held that deployment of funds in the instant case is more in the business of...

12. Deduction u/s 80 IB (10) - allowable expenses to project - Since all the administrative expenses cannot be linked to the activities reasonably, it can be allocated...

13. Disallowance of expenses u/s 37(1)and depreciation u/s 32 - commencement of business - it can be said that the business had been set up and that the only thing was that...

14. Disallowance of Puja expenses - non business expenses - Since it has been found that the expenses incurred are for the smooth functioning of the business of plying...

15. Continuity of Business activity – Allowability of Expenses – entire manufacturing business sold to related concern - This means that the business was closed immediately - AT