Home Highlights May 2016 Year 2016 This

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1. Allowability of expenses u/s 48 - expenses incurred in IPO - assessee being major shareholder sold his 50% holding agreed to share cost of IPO though there was no...

2. Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

3. Nature of expenditure - expenses incurred on account of professional and legal fees - The expenses are not incurred for exploring the market for a new product and rather...

4. Allowable expenses u/s 37 - Disallowances of foreign travel expenses and other expenses - the expenses incurred by the Assessee on various items as well as the...

5. Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...

6. TP Adjustment - Recovery of expenses represent expenses incurred by the assessee company on behalf of AE towards Bid bond expenses. These expenses were also recovered by...

7. Allowability of bond issue expenses - The expenses are having definite role in reorganizing the company and thus played a role in enhancing the value of the company. -...

8. Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

9. Ad-hoc disallowances of the expenses - the expenses claimed for the purpose of the business cannot be disallowed merely on the reasoning that these expenses were...

10. Addition of sales tools expenses u/s 37 - the logic given by the coordinate bench equally applies to the sales tool expenses also. The above decision was also followed...

11. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

12. Bond issue expenses - Capital or revenue in nature - held as revenue expenditure - AT

13. Section 44C refers to common head office expenses and cannot encompass the expenses exclusively incurred by the expenses incurred by head office employees exclusively...

14. Fresh claim of business expenses in return u/s 153A - because of disallowing the original claim of deferred revenue expenses the assessee has rightly raised the...

15. Valuation - inclusion of advertisement and publicity expenses incurred by the dealers as per the terms and conditions of the dealership agreement mutually agreed between...