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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Allowance of expenditure of sales commission - Merely because ...

Income Tax

January 3, 2017

Allowance of expenditure of sales commission - Merely because commission agent has not appeared, expenses cannot be disallowed. - HC

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  1. Allowance of hoarding expenses - capital expenditure or revenue expenditure - deduction on account of hoarding expenditure being in the nature of revenue expenditure allowed - AT

  2. Allowance of discount on issue of debenture as expenditure – the same is for the business/commercial expediency and hence is allowable expenditure. - AT

  3. Medical expenditure incurred in USA on Cancer Treatment of the proprietor (deceased) of the business - Allowance expenditure u/s 37(1) - Tri

  4. CENVAT Credit - Commission agent's services - mere selling agent of goods cannot be equated with the agent providing sales promotion activities - credit denied - AT

  5. Disallowance of amortization of premium on leasehold land - Looking to the nature of the advantage which the assessee obtained in a commercial sense, the expenditure...

  6. Central sales tax / CST - Branch transfer or inter-state sales - pre-concluded contract of sale - Merely because the sales made by the Agent are immediately on the...

  7. Allowance of bad debts - Provision made was pre-matured - It was only contingent liability or notional loss which could not be allowed as an expenditure under provisions...

  8. Dis allowance of lease rental paid to the Trust - Enhancement of lease rent allowed as revenue expenditure - - HC

  9. Dis-allowance u/s 43B - entry tax, welfare cess, Provident fund, Interest to public institutions - expenditure dis-allowed for want of proof that taxes have been paid...

  10. Business Auxiliary Services - C&F Agent - the Corporation was engaged in purchase and sale of liquor and could not be considered as clearing and forwarding agent for the...

 

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