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 July 2014 Year 2014 This

Expenses on purchase on new items - Acquisition of new assets ...

Income Tax

July 24, 2014

Expenses on purchase on new items - Acquisition of new assets for replacement of existing assets as current repairs - 10% of items listed by the AO are held to be of capital - AT

View Source

 


 

You may also like:

  1. Revenue or Capital expenditure – replacement/ overhauling/ rejuvenation - to preserve and maintain already existing asset - allowed as current repairs - AT

  2. Expenses incurred on up-gradation of software do not result into acquisition of any asset nor acquisition of enduring benefits as software become obsolete very quickly -...

  3. Nature of expenses on Technical know-how fee - such technical know-how was used for the purpose of manufacturing the existing items - held as revenue expenditure - HC

  4. Depreciation on goodwill – assessee purchased the business lock stock and barrel and has shown the value of the goodwill right from the acquisition onwards -...

  5. Feng Sui Consultancy charges - nature of expenses - charges related to the layout and location of the various items of its assets - allowed as revenue expenditure - AT

  6. Paragraph 2.79 C has been included in the Handbook of Procedures of FTP 2015- 20 to lay down the procedure for export of SCOMET items for repair/replacement purposes

  7. Allowability of interest expenditure u/s 36(1)(iii) - prior to its amendment by Finance Act, 2015 - prohibition of claim of interest on revenue account only where...

  8. Current repairs u/s 31- repair / replacement of damaged transformer - Held that:- it was case of restoration of its existing capabilities and not a case of acquisition...

  9. Expenses incurred for replacing non-Y2K compliant computer with Y2K compliant computer - the expenditure was for replacement of a system within a larger system which is...

  10. Exemption u/s 11 - proviso to section 2(15) is invoked - by incurring such expenditure by way of grants to the district cricket association, the assessee society is...

 

Quick Updates:Latest Updates