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Income Tax - Highlights / Catch Notes

Home Highlights April 2013 Year 2013 This

Expenditure on know-how – Deduction of revenue expenditure was ...

Income Tax

April 1, 2013

Expenditure on know-how – Deduction of revenue expenditure was available u/s 37 and such deduction cannot be curtailed or limited by applying section 35AB. - HC

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  1. Payment for know-how - deductible under Section 37 as a Revenue expenditure OR Section 35AB? - said expenditure qualifies for deduction u/s 37 - HC

  2. Software development expenditure which was application software was revenue in nature - deduction allowed u/s 37.

  3. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

  4. Nature of expenditure - Expenditure being contribution to Cricket Academy u/s 37 - t expenditure in question was revenue expenditure and should be allowed as a deduction.

  5. Royalty payment - in the nature of expenditure incurred for carrying on business with available know-how - revenue expenditure - HC

  6. Whether the expenditure regarding club membership and entrance fee is revenue in nature or capital – Deduction u/s 37 of the Income Tax Act - Held as revenue in nature - AT

  7. Addition towards professional fees for valuation of know-how u/s 37(1) - the expenditure is not incurred for the acquisition of know-how; it is incurred only for the...

  8. Nature of expenses on Technical know-how fee - such technical know-how was used for the purpose of manufacturing the existing items - held as revenue expenditure - HC

  9. 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

  10. Expenses on advertisement - creation of brand value - capital or revenue in nature - it has been rightly treated by it as revenue expenditure, admissible u/s.37(1) of...

 

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