Business promotion expenses - the expenses incurred by the ...

Gold Coins and Certificates as Promotional Expenses Qualify for Business Deductions Under Income Tax Rules.

April 30, 2020

Case Laws Income Tax AT

Business promotion expenses - the expenses incurred by the assessee towards distribution of gold coins/certificates etc., for promoting its business through a promotional scheme is nothing but expenses incurred wholly and exclusively for the purpose of business.

View Source

← Previous Next →

Business promotion expenses - the expenses incurred by the ...

Gold Coins and Certificates as Promotional Expenses Qualify for Business Deductions Under Income Tax Rules.

April 30, 2020

Case Laws Income Tax AT

You may also like:

Deduction u/s 10AA - Income from gold dust - the AO himself has not denied the fact that the income from sale of gold dust is part of the business income of the assessee....

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

The HC upheld the assessee's methodology for computing deduction under Section 36(1)(viii) of the I.T. Act. Since the assessee's accounts did not segregate actual...

Classification - Imported goods from Korea - "gold coins (other than legal tenders)" - The Appellate Tribunal concluded that the gold coins, being articles crafted from...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

Classification of imported gold coins - restricted / prohibited goods - gold coins are such articles of gold which are in the form of coin, but being the coins of non...

Entitled to deduction u/s 80IA (4)(iii) on rental income - where the main business of the company is to earn rental income as its business income, the income would be...

Import of gold sovereigns - Mere declaring the value of the gold coins and reflecting the same in their Income Tax Returns would not ipso facto establish that these gold...

Treating additional income earned on sale of shops as income u/s.69A - whether undisclosed income is “business income” or “income from other sources” - As per the...

Disallowance of deduction u/s 10B - The tribunal examined the appellant's claim regarding deductions under Section 10B for miscellaneous incomes like scrap sales and...

Claim of deduction on business expenses incurred for earning remuneration from the firm - assessee a qualified Chartered Accountant was a partner in two firms -...

Deduction u/s. 32AB - rental income - The court analyzes the definition of "eligible business or profession" under Section 32AB(2)(i) and determines that it encompasses...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

ITAT affirmed weighted deduction eligibility u/s 35(2AB) for in-house scientific research expenditure. While R&D expenses incurred within India qualify for weighted...

Quick Updates: