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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Legal and professional charges - capital or revenue in nature – ...

Income Tax

September 18, 2012

Legal and professional charges - capital or revenue in nature – Fee paid to advocates for SLP filed before the Supreme Court - held as revenue in nature - AT

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  1. Acquisition of brand - Payment made for Legal and professional fees – expenditure were in the nature of revenue and could not be disallowed as capital expenditure - AT

  2. Professional fees paid to the consultants in relation to cement project - capital expenditure or revenue expenditure? - Held as capital expenditure - HC

  3. Professionals like advocates using residential premises for commercial use are liable to pay electricity charges at commercial rates - HC

  4. Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate including a senior advocate or firm of advocates - Corrigendum notifications issued

  5. Non-compete fees paid - non-compete fee paid by the assessee did not create any capital assets, the same was revenue in nature- AT

  6. Payment made to Advocate for registration of patent rights in foreign countries - revenue expediture or capital expenditure in nature - held as revenue - claim allowed - AT

  7. Nature of franchise fees paid - capital or revenue expenditure - Right to use the trademark, domino’s name and logo – Exclusive license – Held as revenue expenditure - AT

  8. Nature of expenditure - addition towards Professional Fees and treating the same as Capital Expenditure - Legal and Professional charges paid by the appellant company...

  9. Addition being legal and professional charges - The onus was on the assessee to establish that a Person, rendered legal and professional services in addition to...

  10. Disallowance of legal and professional fees - the expenditure incurred by the assessee in the form of legal and professional fees paid to an architect is for the purpose...

 

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