Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2023 Year 2023 This

Allowable business expenditure - compensation paid by the ...

Income Tax

December 4, 2023

Allowable business expenditure - compensation paid by the assessee for the closure of agreement - as per AO company to whom the compensation has been paid did not have any right and therefore compensation paid by the assessee is not allowable - Claim allowed by the CIT(A) is correct - AT

View Source

 


 

You may also like:

  1. Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

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

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

  4. Retirement compensation paid to workmen - the expenditure was incurred upon the closure of the business - must be allowed in its entirety in the year in which it is incurred - AT

  5. Claim of expenditure against payment of compensation - Short notice payment for termination of Toll Manufacturing Agreement - compensation was a business contractual...

  6. Punitive charges paid to the Railways - Allowable Revenue expenditure u/s 37 - whether the punitive charges paid to the Railways for alleged violation of the provision...

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

  8. Nature of receipt - Compensation received for pre-closure of contract manufacturing agreement is in the nature of capital receipt paid for loss of profit from business /...

  9. CSR expenditure - whether a allowable business expenditure? - explanation to Section 37(1) of the Act would not be applicable as it was with effect from the assessment...

  10. R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...

  11. Relief u/s. 89 - ex-gratia amount of compensation to each of the 275 employees provided they accept the closure and termination of their services without agitating the...

  12. Nature of expenditure - assessee itself has capitalized in the financial statements to the expenditure incurred but the assessee has claimed it as a revenue expenditure...

  13. Claim of the assessee u/s. 89 r.w. Rule 21A of I.T. Rules - The basis of compensation calculated by the company and the company also treated the one-time compensation as...

  14. Disallowance being interest paid on delayed deposit of TDS - Allowable business expenditure or not? -Held No - an assessee could not possibly claim that it was borrowing...

  15. Nature of stamp duty paid in relation to the leased business premises - Revenue or capital expenditure - lease was for a period of 10 years - The same is not a deferred...

 

Quick Updates:Latest Updates