Deduction for unprovided sum to NPA entities
To claim deduction of interest on actual payment it is not desirable that the assessee should have made a provision…
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Club expenditure ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Bonus or commission to directors in lieu of dividend – closely held entities may have exposure
Bonus or commission paid to employees for services rendered is a deductible expense ordinarily. However in case of such payments…
......Read MoreInterest 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 MoreCSR 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…
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