Home Highlights August 2012 Year 2012 This

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1. Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

2. TP Adjustment - PLI computation - if rental expenditure is considered as an operating expenditure, then the reimbursement should be set off against the rental...

3. Refund claim - time limitation - validity of refund only to the service provider and not to the party being the service recipient - The appellants for the processing of...

4. The HSN Explanatory Notes to chapter 8901 specifically excludes the vessels of heading 8903. It would mean that heading 8901 would exclude vessels which are specifically...

5. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

6. Nature of expenditure - assessee itself has capitalized in the financial statements to the expenditure incurred but the assessee has claimed it as a revenue expenditure...

7. Revision u/s 263 by CIT - allowability of ESOP expenditure - No hesitation in holding that assessee had rightly debited the ESOP compensation cost of ₹ 32.55...

8. Disallowance of expenditure incurred in Cash under the head 'pond and farm maintenance' u/s. 40A(3) - as per the ledger account copy furnished by the assessee, all...

9. TDS u/s 40 (a)(ia) - TDS on interest to outgoing partner of the partnership firm - As per provisions of section 40(a)(ia) even if assessee debited expenditure, but same...

10. Disallowance of “Scholarship Expenses” - Expenses claimed under the head ‘Assistance to Law Students’ - The expenditure incurred by the assessee is the routine...

11. Refund of CENVAT credit - N/N. 05/2006 – CE (NT) lays down that the amount claimed as refund of CENVAT amount should be debited before applying for the Refund and the...

12. Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

13. Reopening of assessment - notice u/s 148A(b) to wrong Email ID - notices are sent to (i) email ids that are no longer in use (ii) email ids of...

14. Disallowance of expenditure - The method followed by the assessee in the instant case amounts to claiming of the expenditure twice, i.e. in the year when the assessee...

15. Disallowance of the interest expenditure u/s 43B(d)/(e) r.w ‘Explanation 3D’ - As observed by the A.O, as the interest debited/charged by the bank got converted into...