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Income Tax - Highlights / Catch Notes

Home Highlights April 2017 Year 2017 This

Contribution to State Renewal Fund - allowable expenditure - it ...

Income Tax

April 20, 2017

Contribution to State Renewal Fund - allowable expenditure - it was a legal obligation of the assessee towards contribution of the said amount to the State Renewal Fund and there being a legal obligation as well, to be allowed u/s 37(1) as business expenditure - AT

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  1. Disallowance of provision for wages - allowable deduction u/s 36 - the assessee is eligible for claim of PACS Manager Fund payment as expenditure.

  2. Payment of legal fees and expenses towards defending in a criminal prosecution not allowable as business expenditure because the same was not expended wholly and...

  3. Nature of software expenses - these are towards payment for renewal of software which the assessee was using for client deliverables - software expenses are revenue in...

  4. Corporate membership fees - revenue in nature or capital? - no reason why the renewal membership fees should not be allowed as revenue expenditure - HC

  5. Even if expenditure may not have been incurred under any legal obligation, yet it is allowable as a business expenditure if it was incurred on grounds of commercial...

  6. Addition made u/s 36(1)(iii) of the Act – The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business, expenditure if it,...

  7. Interest free finance to subsidiary company - The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if...

  8. Expenditure on Depository Services and Dematerialisation of share certificates - the expenditure was allowable as normal business expenditure - HC

  9. Software expenses - revenue or capital expenditure - real intent and purpose - expenditure incurred by the assessee on software is allowable as revenue expenditure. - AT

  10. Medical expenditure - Revenue or personal expenditure - Death due to cancer during shooting of a film in US - Held as allowable expenditure.... - AT

 

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