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Income Tax - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Disallowance of expenditure - The factum of the payment of ...

Income Tax

March 14, 2016

Disallowance of expenditure - The factum of the payment of money may not be in doubt, but the factum of rendering of services at the end of these three persons is totally missing - Expenses were rightly disallowed - AT

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  1. TP Adjustment - re-computing the Arm’s Length price (ALP) of Salary payments made to related parties - payment of remuneration to the related persons - the employees...

  2. Disallowance on account of commission paid - justification of payment with services rendered - mere deducting of TDS cannot be discharged onus cast on the assessee for...

  3. Expenditure allowable u/s 37 - efforts and services rendered by a third person - The efforts had benefited in the form of increased investment in India resulting in...

  4. Unaccounted expenditure - Unexplained source of cash - it is difficult to believe that a person who withdraws money from the bank account gives it to someone else for...

  5. Disallowance of one-third of directors’ foreign travel and conveyance expenses - If the object of the undertaken tour is commercial in nature, the expenditure would...

  6. Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017 - the definition of "small account" shall not be considered while making deposits...

  7. Allowability of Derivative loss - separate addition on account of alleged payment of margin monies on an estimated basis - The Tribunal emphasized that in derivative...

  8. Disallowance of commission paid to Managing Director and Working Director - it cannot be doubted that the payment of dividend was made in the guise of commission to the directors.

  9. Disallowance of expenditure - Payment of Privilege fees - Nature of expenditure - Exclusive privilege for wholesale trade of Indian made Foreign Liquor & Beer - claim allowed - AT

  10. Disallowance of Service Charges paid - where professional services were not rendered by ‘Nova’ or whetger any money in respect of the payments to ‘Nova’ had flown back...

 

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