Addition of contingent liability, which do not constitute ...

Income Tax

December 10, 2020

Addition of contingent liability, which do not constitute expenditure and not allowable u/s 37 (1) - The assessee Board does not have any domain or control on this issue. It is the Ministry of Petroleum & Natural Gases which advises the Board about the payment of royalty to the respective State Governments which is evident from the letters produced by the Assessee Board during the Assessment Proceedings and the appellate proceedings. Thus, the CIT(A) has rightly deleted the said addition - AT

View Source

← Previous Next →

Addition of contingent liability, which do not constitute ...

Income Tax

December 10, 2020

You may also like:

Addition u/s 37(1) - non-competition fee - revenue or capital expenditure - it does not bring in any capital asset - the payment is allowable u/s 37(1) - HC

Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

Allowable expenditure u/s 37(1) - Settlement charges paid to SEBI - penalty paid for infraction of law - payment was made without admitting or denying the guilt - claim...

Expenditure paid to Pune Municipal Corporation(PMC) for regularizing the excess area constructed for a building called "MODI MALL" - Is in the nature of penalty - not...

Allowable revenue expenditure - Uphaar Cinema fire case - compensation liability - nature lo liability - There is no doubt that the compensation so granted by way of...

The interest expenses claimed by the assessee on account of delayed deposit of service tax as well as TDS liability are allowable expenses u/s 37(1)

Allowable expenditure u/s 37(1) - addition relating to form fees which was deposited for obtaining the wine shop through government - non-accepting the theory of...

Allowability of fine and penalty as per section 37 - the ‘FINE’ paid by the Assessee is allowed as expenditure u/s 37(1) the amount paid as ‘penalty’is an inadmissible...

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...

Disallowance of Corporate Social Responsibility (CSR) expenses u/s 37(1) - prior to insertion of Explanation – 2 to section 37(1) of the Act, w.e.f., 01.04.2014, as per...

Quick Updates: