Home Highlights January 2015 Year 2015 This

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1. ESOP expenses - non deduction of tds on discount given- assessee has vested ESOP rights to certain employees - there will be time different between “vesting of option”...

2. Employee Stock Options (ESOP) expenditure - Disallowance u/s 37 - difference between the grant price and the market price on the shares as on the date of grant of...

3. Disallowance of prior period expenses - Deduction of TDS in the current year - it is settled law that deduction can be permitted in respect of only those expenses which...

4. Swapping premium - Disallowance u/s 36(1)(viii) - swapping premium is nothing but discounted interest and had originated in the long term finance initially advance -...

5. Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward...

6. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

7. Prior period expenses – even if this expenses are allowed in the earlier years i.e. A.Y. 2000-2001, it will ultimately be adjusted in the present year, by way of set off...

8. 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...

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

10. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

11. Expenses on account of construction - Charitable Trust - the assessee started the construction activity in earlier years i.e. A.Ys. 2010-11, 2011-12, 2012-13 & 2014-15...

12. Revision u/s 263 by CIT - allowability of ESOP expenditure - No hesitation in holding that assessee had rightly debited the ESOP compensation cost of ₹ 32.55...

13. Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

14. Cessation of liability - provision for discount - as the provision was disallowed in earlier year, reversal made during this assessment year ought to be allowed as...

15. Deduction u/s 36(1)(iii) - double deduction for deduction of interest - once these amounts are allowed as deduction in the year of incurring the expenditure, the same...