Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Claim of interest expenditure - during earlier years interest ...


Interest Expense Claim Denied After Capitalization as Work in Progress for Failed Property Acquisition.

November 15, 2013

Case Laws     Income Tax     AT

Claim of interest expenditure - during earlier years interest was capitalized as work in progress towards acquisition of property - later transaction could not materialized, the expenditure set-off as expenses - claime disallowed - AT

View Source

 


 

You may also like:

  1. Disallowance of interest expenses u/s. 36(1)(iii) - disallowance of financial cost attributable to capital work in progress and project work in progress - In case, the...

  2. 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...

  3. Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

  4. Disallowance of prior period interest expenses - As assessee had included the same in the closing work-in-progress in AY 2012-13. Hence this is a clear case of omission...

  5. Disallowance of interest relating to Capital Work in Progress (CWIP) - The Appellant has furnished the relevant working capital facility agreements and ledger account to...

  6. Disallowance on work penalty expenses u/s 40(a)(ia) - Whether the work penalty expenses were actually interest expenses liable to provisions of TDS – Held No - HC

  7. Ineligibility for claiming ITC on inward supplies of goods or services used for construction on account of own use - The appellant contested the restriction on ITC for...

  8. Disallowance of project expenses - Addition on the ground as no project-wise accounting was available and no work-in-progress was reported - As the assessee is engaged...

  9. Disallowance of proportionate revenue expenditure - allocating adhoc 10% of other expenses to work-in-progress account - AO directed to allocate 25% of other expenses of...

  10. Deduction u/s. 54F - LTCG - Claim denied since the assesse was owning two house property - Assessee claimed that these properties are Farm House / Commercial property...

  11. Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of...

  12. Capitalization proportion of the the general, administrative expenses, including on employee and director remuneration, toward workin- progress (WIP) - different...

  13. 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...

  14. The ITAT ruled against the AO's 8% gross receipts estimation and treatment of highway construction costs as capital work-in-progress. The Tribunal determined that...

  15. Disallowance of depreciation claimed on capitalization of preoperative expenses - expenses involved in purchase of milk and determining that the factory was in proper...

 

Quick Updates:Latest Updates