Home Highlights September 2012 Year 2012 This

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1. Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

2. Disallowance of various expenses on ad hoc basis - While scrutinizing the expenditure if the expenses claimed are not having any nexus to the business of the assessee or...

3. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

4. Disallowing claim of expenditure - non-carrying of business activity during the year under reference - The case involved an appeal by an assessee against the...

5. Allowable revenue expenditure u/s 37(1) - Writing off of advance given to the Director - waiver of excess remuneration paid to the Director - The provisions of Section...

6. Allowable as business expenses - Small contributions to local people and institution on request of employees and business associates - Section 37 of the Act contemplates...

7. Disallowing of Peak load violation charges paid to PSEB - nature of expenditure - assessee failed to prove that the claim was not penal in nature - expenditure was...

8. Disallowance of loss on reasons of non-set up of business - company has not at all completed set up of the business so as to commercially starts its operation. In such...

9. Disallowance of expenses when the business was not fully functional - - Nowhere in the order of the AO there is a whisper as to how the expenditure is excessive and how...

10. Allowable expenditure - Provision for diminution in the value of investments - merely because loss was debited under the nomenclature “provision” did not alter the basic...

11. Addition u/s 36(1)(iii) - deduction towards interest paid on loans borrowed for business purposes - Merely for the reason that there is no rental payment for current...

12. Disallowing expenditure on account of contribution to cricket academy by holding it as capital expenditure - nature of expenditure - it is clear that the terms of...

13. Disallowance of expenses made u/s.37(1) - disallowance of expenditure on adhoc basis made by the ld. AO by giving a categorical finding that the ld. AO had not even...

14. Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by...

15. TP Adjustment - Disallowance of expenditure u/s 40(a)(ia) - any expenditure not for the purpose of business, the A.O. can certainly re-characterize the same as not...