Home Highlights September 2013 Year 2013 This

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1. Once the objective of the expenditure being improvement in business prospects is accepted, then it has to follow that such an enduring benefit is in the revenue field....

2. Disallowance of loss on sale of Government Securities - permissible business loss or not? - The Tribunal disagreed with the AO's presumption that the securities were not...

3. Software expenditure having enduring benefit of not more than a year is revenue expenditure

4. Addition of club membership fees paid by assessee - By obtaining membership for a period of more than one year, there may be an advantage of enduring nature. However,...

5. Nature of income - Forfeiture of security deposit - termination of certain lease agreement - from assessee’s point of view, there is no extinguishment of any right. The...

6. Nature of expenditure - expenditure towards purchase of software - We hold that advantage of an enduring benefit, need not be on capital account. If the advantage...

7. Claim of deduction u/s 37(1) - Security deposit written off - security wa paid for obtaining shops on lease - the assessee be allowed to claim the loss incurred in...

8. Determination of perquisite value - Rule 3 - Where an employer takes residential premises on rent by giving security deposit for the benefit of employees, whether the...

9. CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of...

10. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

11. Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

12. Accrual of income - Year in which income is taxable - Receipt of Security Deposit - Addition on account of sale of development rights by the assessee - the fulfillment...

13. Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

14. Levy of late filing fee u/s. 234E - Due to certain technical error committed (incorrect interchanging of PAN numbers of buyer and seller in online filing of Statement...

15. E-connectivity charges are revenue in nature as they do not result either in the acquisition of software by the assessee or in any enduring benefit to the assessee