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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Ad-hoc deduction allowed at 25% for purchase expenditure, as ...

Income Tax

July 2, 2016

Ad-hoc deduction allowed at 25% for purchase expenditure, as admittedly corresponding sales against these very purchases have been offered and accepted for tax

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  2. Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of...

  3. Addition made on account of unaccounted cash receipts – Cash receipts of brokerage – Sale of car parking charges - the assessee’s purchases cannot be doubted on ad-hoc basis - AT

  4. Provision for ascertained liability or contingent liability - Tribunal committed a serious error in law in holding that such ad hoc provision would nevertheless qualify...

  5. Ad hoc disallowance of 10% of expenses - Since the AO or the Ld. CIT(A) has not rejected the books of account of the assessee they could not have estimated (ad hoc...

  6. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

  7. Expenditure incurred by the assessee company on payment of premium for purchase of its own shares from warring group of shareholders - expenditure is revenue in nature -...

  8. Ad- hoc disallowance of expenses - Without pointing out any specific expenses, which according to the authorities below were not allowable as deduction, an ad-hoc...

  9. Notification regarding exemption of duties of Central Excise against scrips issued under the RoSCTL scheme and additional ad-hoc incentive for apparel and made-ups sector.

  10. Notification regarding exemption of duties of Customs against scrips issued under the 2% Additional ad hoc incentive for mobile phones.

 

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