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Income Tax - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

Disallowance of expenses - need for tax authorities to have a ...

Income Tax

January 14, 2024

Disallowance of expenses - need for tax authorities to have a practical understanding of the nature of business operations

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  1. Software expenses - revenue v/s capital expenditure - software may be needed like raw material - computer software expenses were revenue in nature - HC

  2. Disallowance of building renovation expenses – Capital or revenue expenses - the expenses are to be treated as revenue in nature and allowable u/s 37(1) of the Act - AT

  3. Penalty u/s 271(1)(c) - Disallowance of interest expenditure under section 43B as well as disallowance export product development expenses - Just because the assessee...

  4. Disallowance of depreciation on technical know-how - principle of consistency - the entire expenses directed to be treated as capital in nature and depreciation be...

  5. Disallowance of one-third of directors’ foreign travel and conveyance expenses - If the object of the undertaken tour is commercial in nature, the expenditure would...

  6. Disallowance of leasehold improvement expenditure - the repair expenses incurred by the assessee, which have been termed as leasehold improvement, are revenue...

  7. Capital or revenue expenses - Disallowance of royalty - if there is no sales, no royalty is payable by the assessee - held as revenue in nature - AT

  8. Disallowance of conveyance expenses, staff welfare expenses, sundry expenses and traveling expenses - certain expenses were not supported by third party vouchers,...

  9. Disallowance of the expenses claimed on account of employees benefit expenses - AO making the disallowance on the ground that assessee has claimed the expenses basically...

  10. Ad-hoc disallowance at the rate of 10% on credit card expenses - Prima Facie the said disallowance is ad-hoc in nature. AO ought to have made reference to any of such...

 

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