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 April 2016 Year 2016 This

Allowability of expenditure - Where the expenditure is relatable ...

Income Tax

April 21, 2016

Allowability of expenditure - Where the expenditure is relatable to day to day running of the business, the said expenditure is allowable as revenue expenditure in the hands of assessee irrespective of the fact that the assessee was following percentage completion method of recognizing its revenue - AT

View Source

 


 

You may also like:

  1. 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)

  2. Deduction u/s. 24 - allowability of certain fixed expenditure to maintain its existence and run business operations - There is no complete cessession of business of the...

  3. Allowability of Scholarship expenditure as business expense - revenue contended that Scholarship was given to only one student namely, Akash Kumar for getting education...

  4. Allowability of interest relatable to the borrowed funds given by the company to its directors and its sister concerns for acquiring agricutural land - interest allowed - AT

  5. Nature of expenditure - expenses towards fees to HUDA - revenue or capital expenditure - only to lease out a part of the area in which the hospital is run, for running a...

  6. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

  7. Expenditure on Depository Services and Dematerialisation of share certificates - the expenditure was allowable as normal business expenditure - HC

  8. Nature of franchise expenses – it was not an expenditure incurred for acquisition of source of profit, but enabled the assessee to run the business profitably - held as...

  9. Allowance of discount on issue of debenture as expenditure – the same is for the business/commercial expediency and hence is allowable expenditure. - AT

  10. The premium on the 'Keyman Insurance Policy' of partner of the firm is wholly and exclusively for the purposes of business and is allowable as business expenditure - HC

 

Quick Updates:Latest Updates