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 2015 Year 2015 This

Addition of expenses as penal in nature - forfeiture of the Bank ...

Income Tax

July 22, 2015

Addition of expenses as penal in nature - forfeiture of the Bank Guarantee - it was related to the business activities of the assessee and was revenue in nature, expenses allowed - AT

View Source

 


 

You may also like:

  1. Interest on FDR kept for bank guarantee to secure contract to be set off from Project expenses as capital in nature, not taxable as income from other sources

  2. Revenue or Capital expenditure - Bank guarantee for commission paid for securing timely repayment of the deferred credit facilities for buying machinery for its running...

  3. Continuity of Business activity – Allowability of Expenses – entire manufacturing business sold to related concern - This means that the business was closed immediately - AT

  4. Master Circular - Guarantees and Co-acceptances - Consolidating the instructions / guidelines issued to banks till November 8, 2021, relating to Guarantees and Co-acceptances.

  5. Nature of expenses – builders generally offer some amount as compensation against delay in handing over the properties - the nature of payment as compensatory and not penal - AT

  6. Nature of interest income - Appropriate taxable head of income - Because except its subsidiary, the assessee has not given Bank Guarantee to anybody else, which can...

  7. Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against...

  8. Expenditure on sale of JV business - Whether Expenses related to sale of the Parker Pen Division is related to business of the assessee company - Held no, disallowance...

  9. When the Tribunal has recorded a finding that the expenses relating to obtaining fixed deposits are closely linked with the business requirement of the assessee, such...

  10. Business expenditure u/s 37(1) - Encashment of bank guarantee - compensation for non performance - whether in the nature of penalty - It can be said to be compensatory...

 

Quick Updates:Latest Updates