Interest on short term deposits to open LC to procure machinery
Interest yield from Deposits that are made to enable opening of letter of credit to facilitate procurement of assets would…
......Read More
Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
CSR qua donations
CSR expenses debited in profit and loss account are considered as non business expense under the law hence disallowed in…
......Read MoreHow to classify Dividend and interest incomes
Dividend and interest incomes are classified under the head income from other sources as per Act. There can be a…
......Read Moremachinery spares/tools vs enduring benefit test
In judging the capital or revenue character of expenditure on tools or machinery spares the Tribunal in [2022] 27 ITR (Trib)-OL…
......Read MoreIPO expenses
The Tribunal in [2022] 27 ITR (Trib)-OL 1 (ITAT[Ahm] held that where the expenditure had been incurred for study of…
......Read MoreEffect of varying treatments in books and income tax
Varying treatments to an expenditure in the books/balance sheet and income tax return could sometime prove into a disastrous tax…
......Read MoreUnjustly disallowance of expenses alleging them as preparatory in case of fleet management entity
The law provide for computation of total income starting the date of set-up of business. Any business other than manufacturing…
......Read MoreCapital subsidies are exempt from MAT
The Tribunal in [2022] 26 ITR (Trib)-OL 403 (ITAT[Kolk]) held that amounts, which are not taxable in normal computation, could…
......Read MorePutting unlawful restrictions on business Entertainment
In the case of an exporter firm ( Maharani of india) reported at(2022) 94ITR(Trib) (S.N) 8 the A.O made some…
......Read MoreCWIP write offs of abandoned pre-operational projects
The assessee in [2022] 441 ITR 195 (Bom)claimed deduction of CWIP write offs total of more than 8 crores pertaining…
......Read More