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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Website development is nothing but creation of new asset and the ...

Income Tax

July 19, 2016

Website development is nothing but creation of new asset and the entire expenditure was incurred for the future of the company and also for a long term impact, which is of enjoying enduring benefit - claim of expenses was rightly disallowed - AT

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  1. The expenditure incurred on such repair and maintenance of approach roads of godowns has not resulted in creation of any capital asset - AT

  2. Exemption u/s 11 - proviso to section 2(15) is invoked - by incurring such expenditure by way of grants to the district cricket association, the assessee society is...

  3. Capital gain on relinquishment of rights in the assets of the firm - ascertained goodwill for the purposes of accounting and settlement - When an Accounting Standard...

  4. Nature of expenses – Capital OR Revenue – GPA registration charges - The entire expenditure is completely revenue in nature since it is incurred for carrying out the...

  5. Research and Development expenditure i.e. G.E.Linear Development Expenditure, Eaton Project Development - the expenditure did not reflect that any new capital asset had...

  6. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

  7. Computation of capital gains - The expenditure incurred in pursuant to or as an obligation under the Joint Development Agreement can be claimed as business expenditure...

  8. Product Registration Expenses - the expenditure is neither for the creation of an asset nor an advantage for ever - held as revenue in nature - AT

  9. Profit on Sale of depreciable assets may be computed as short term capital gain u/s 50, but eligible for exemption u/s 54F if it is a long term asset.

  10. Product Development Expenditure incurred in the ordinary course of business for promoting existing brands, sustaining market and to push up the sales is Revenue expenditure

 

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