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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Acquisition of brand - Payment made for Legal and professional ...

Income Tax

July 24, 2014

Acquisition of brand - Payment made for Legal and professional fees – expenditure were in the nature of revenue and could not be disallowed as capital expenditure - AT

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  1. Disallowance of 20% of Legal & Professional Fees paid - authorities have not identified, if the payments made to related party is unreasonable - Legal & Professional...

  2. Payment of legal fees and expenses towards defending in a criminal prosecution not allowable as business expenditure because the same was not expended wholly and...

  3. Professional fees paid to the consultants in relation to cement project - capital expenditure or revenue expenditure? - Held as capital expenditure - HC

  4. Allowable revenue expenditure - treatment to the travelling expenses of the Director's wives as well as fees paid for professional service - Allowed as revenue expenditure - HC

  5. Addition u/s 37(1) - processing fees - the payment has not been made for acquiring a brand name, but for facilitating for acquisition of the brand name - by applying...

  6. TDS u/s 195 - payments made to non-residents for professional fees - assessee was having option of choosing more favourable provisions of the DTAAs.

  7. Discontinued business u/s 176 - addition on account of receipt of arrears of professional fees - Discontinuation from legal profession - Not taxable - AT

  8. Legal and professional charges - capital or revenue in nature – Fee paid to advocates for SLP filed before the Supreme Court - held as revenue in nature - AT

  9. Disallowance of legal and professional fees - the expenditure incurred by the assessee in the form of legal and professional fees paid to an architect is for the purpose...

  10. Import of services - reverse charge - payment of arrangement fees, underwriting fees, agency fees and legal fees as also out of pocket expenses - demand of service tax...

 

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