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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Liquidated damages paid for delay in delivery of materials is ...

Income Tax

April 29, 2016

Liquidated damages paid for delay in delivery of materials is deductible expenditure in the year in which the liability to pay arises as per the agreement between the customers - AT

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  2. Condonation of delay - Delay of 1234 days - Non delivery of order - While a vigilant only gets leniency for condonation of delay, an indolent fails to get such consideration - AT

  3. Payment for know-how - deductible under Section 37 as a Revenue expenditure OR Section 35AB? - said expenditure qualifies for deduction u/s 37 - HC

  4. Valuation - where on account of delay in delivery of manufactured goods is liable to pay a lesser amount that the generically agreed price as a result of a clause (in...

  5. Reversal of CENVAT Credit - damage of raw material - demand invoking extended period of limitation confirmed - HC

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  7. Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by...

  8. Transfer of fund for subsequent distribution to the members before payment of tax is not a 'deductible expenditure' in computation of business income of the Assessee-Co-...

  9. Arrears of wages - the liabilities arising out of the Monesana Wage Board award were justifiably deductible as expenditure, and not covered by Section 43-B - HC

  10. Interest on borrowing to shareholders are deductible expenditure u/s 36(1)(iii) as interest on borrowed capital.... - AT

 

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