Home Highlights July 2014 Year 2014 This

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1. Addition u/s 36(1)(iii) - deduction towards interest paid on loans borrowed for business purposes - Merely for the reason that there is no rental payment for current...

2. Disallowance of “Scholarship Expenses” - Expenses claimed under the head ‘Assistance to Law Students’ - The expenditure incurred by the assessee is the routine...

3. Disallowances of centenary celebration expenses, gift distribution and interest relief to society expenses - The expense incurred on account of relief fund to celebrate...

4. Allowability of Scholarship expenditure as business expense - revenue contended that Scholarship was given to only one student namely, Akash Kumar for getting education...

5. Charitable Trust - if commercial principles are applied then adjustment of expenses incurred by the trust for charitable religious purpose in the earlier years against...

6. Exemption u/s 11 - trust - Financial status of the said student or other things are immaterial so far as purpose for which scholarship to Adheesh Bhagat is concerned -...

7. Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

8. Application of registration u/s.12AA rejected - charitable activity u/s 2(15) - Section 2(15) defines charitable purpose for the purpose of the Act and includes relief...

9. Charitable purpose u/s 2(15) - Jammu Development Authority - any institution carrying on of any activity in the nature of trade, commerce or business etc. shall not be...

10. Exemption u/s 11 - Charitable activity u/s 2(15) - Commercial activity - Citing past decisions favorable to the trust under similar assessments, the Tribunal reiterated...

11. Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

12. Disallowance of direct expenses materials - there is no doubt of whatsoever with regard to purchases of materials for the purpose of development of land. - When 50%...

13. Charitable purpose - the application of the fund is not made for charitable activity but for construction of the building, which again does not directly reflect the...

14. Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...

15. Foreign tour expenses - Expenses for business purpose or not – assessee failed to demonstrate that trips undertaken by the Directors of the assessee company was for the...