Home Highlights February 2015 Year 2015 This

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1. Interest on custom duty - accrual of expenses - The interest on custom duty has the same nature as custom duty and therefore it could be allowed on payment basis - AT

2. Allowable busniss expenses - The interest paid u/s 201(1A) would not assume the character of business expenditure and could not be regarded as a compensatory payment.

3. Disallowance of interest on customs duty - As customs duty is allowable only on payment basis under section 43B, interest levied on arrears or late payment of customs...

4. 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...

5. Allowability educational cess paid on income tax as expenses - since education Cess is not tax this is an allowable expenditure as per provision of section 40(a)(ii)

6. In view of the provisions of section 43B, Excise duty/customs duty paid by the assessee in a particular accounting year is allowable as deduction in such year

7. Stock Appreciation right expenses claimed by the appellant is not in a capital expenses, but revenue expenditure and ascertained liability therefore it is allowable expenses - AT

8. Stock Appreciation right expenses claimed by the appellant is not in a capital expenses, but revenue expenditure and ascertained liability therefore it is allowable expenses - AT

9. Software expenses - revenue or capital expenditure - real intent and purpose - expenditure incurred by the assessee on software is allowable as revenue expenditure. - AT

10. Disallowance of provision for wages - allowable deduction u/s 36 - the assessee is eligible for claim of PACS Manager Fund payment as expenditure.