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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

Allowability of development expenses incurred in respect of land ...

Income Tax

December 5, 2016

Allowability of development expenses incurred in respect of land sold - assessee failed to prove that the said charges was paid for removal of encroachments have been paid in cash - AT

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  2. Nature of expenditure incurred towards research and development - The fact that the expenses incurred by the assessee towards research and expenses have been met out of...

  3. Allowability of Medical expenses for staff / Director - keeping the principal of “commercial expediency” the assessee incurred the expenditure on his hospitalisation and...

  4. 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...

  5. Continuity of Business activity – Allowability of Expenses – entire manufacturing business sold to related concern - This means that the business was closed immediately - AT

  6. 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...

  7. The expenses incurred are in the nature of employee benefits, though paid under secondment agreement, in respect of persons working for the assessee - Expenses are...

  8. Unexplained expenditure u/s 69C - The AO has not brought any evidence on record which can demonstrate that assessee has incurred expenses for development work. - There...

  9. Disallowance on account of depreciation claimed on the cost incurred in relation to the land being non depreciable asset - To our understanding, the impugned expenses...

  10. Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned...

 

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