An action that merely facilitates the assessee’s business ...

Income Tax

March 20, 2014

An action that merely facilitates the assessee’s business (making it more profitable), whilst leaving the fixed capital untouched, is revenue in nature - HC

View Source

← Previous Next →

An action that merely facilitates the assessee’s business ...

Income Tax

March 20, 2014

You may also like:

Assessee association having primary purpose of advancement of objects of general public utility, therefore it would remain charitable even if an incidental activity for...

Business loss - 'export incentive' written off in the Profit & Loss Account - the action of the assessee is premature - claim not allowed - AT

Disallowance u/s 80IA/80IB - There is no requirement u/s 80IA(5) of the Act to adjust profits derived from the eligible units against the losses that stand absorbed...

Once under law the tax is not recoverable, it cannot be justified merely because the party has paid some amount to avoid penal action - HC

Penalty u/s 271(1)(c) - income declared duty survey - voluntary delcaration or not - it is not a case wherein a disclosure was voluntarily made, indeed the assessee...

Exemption claim was wrongly denied by invoking section 2(15) proviso of the act, since it neither carries out any activity in the nature of trade, commerce business nor...

Classification of head of income – Merely this scrip was held only for one day would not be sufficient to hold that the assessee was in the business of trading in shares - HC

Nature of expenditure - Deduction on account of capital work-in-progress written off in computation of its income - The ITAT’s view that if an expenditure is incurred...

Addition made on the basis of declaration of the assessee during search action - bogus purchases - The said letter clearly indicates that the additional income declared...

Discount to customers - Merely because the receipt vouchers were made by the assessee cannot be a ground to make ad hoc disallowance out of the claim of discount - AT

Quick Updates: