Business Expenditure- Year of Deduction
The general rule for allowance for business expenditure is that any such expenditure should be claimed in the year in…
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Today's
54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's Club expenditure ......Read More
Yesterday's Club expenditure ......Read More
Assignment of doubtful debts/loans&advances- Resulting in loss of Capital nature
In the case of Greaves Ltd. Vs. Commissioner of Income-tax (251ITR190) Greaves International Ltd., under a deed of assignment assigned…
......Read MoreEmployee Advances- Write Off Claim
Often assessees make mistakes in making a choice of section under which a deduction is admissible and therefore prefer alternate…
......Read MoreEffect of Commuting a Debt
In the case of L.P. Investment Ltd. vs. Income-tax Officer (77ITD1) the assessee sold 50% interest in a property to…
......Read MoreRemodeling, renovation and reconstruction Costs- Capital in Nature
In Assistant Commissioner of Income-tax vs. Nirmal Warehousing Agency (77ITD1) the assessee-firm converted the leased premises held as a warehouse…
......Read MoreWaiver of Interest
In the case of CIT v. Punjab Agra Industries Corporation Ltd. (119TAX860) the assessee promoted a sister concern in a…
......Read MoreInterest liability- Under the Income tax Act, 1961
Following the Supreme Court ruling in the case of Bharat Commerce and Industries Ltd. Vs. Commissioner of Income-tax (230ITR733) the…
......Read MoreTest of Reasonableness
In the case of CIT v. Sahni Silk Mills (P.) Ltd. (119TAX133) it was found that the assessee, a manufacturing…
......Read MoreMAT Adjustments – Provision for bad debts and advances
In the case of Steel Authority of India Ltd. vs. Deputy Commissioner of Income-tax (76ITD69) it was claimed by the…
......Read MoreLeasing of Business Assets
It is a trite law that so long as assets are used as business assets, it is irrelevant whether the…
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