Tests of commercial expediency – diversion of funds in real estate business
In the context of holding subsidiary companies having current account lending transactions by a subsidiary to holding company the Madras…
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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
Goodwill depreciation – how far appropriate to amend opening block
Notes on clauses 7 and 18 under statement of objects make out a case for treating goodwill as non depreciable…
......Read MoreLoss on sale of depreciation assets is held deductible under head business- Deeming provisions reread
In a landmark ruling the Madras High Court in [2021] 17 ITR-OL 12 (Mad) held that an assessee is entitled to…
......Read MoreAd hoc disallowance of the expenditure upheld
In the case of T ATA COFFEE LIMITED ( 2021] 17 ITR-OL 1 (Kar) the assesses suffered disallowance out of entertainment,…
......Read MorePresumptive scheme for small business – Partner case
A Partner cannot claim the benefit of section 44AD on interest & remuneration received from firm, holds Madras High Court…
......Read MoreConflict between test of commercial expediency and test of business compulsion
The Cuttack in 20 ITR (Trib)-OL 1 raised the question on the business compulsion of the assessee for incurring an…
......Read MoreMaterial Repairs other than current repairs
In the context of repairs expenses incurred by a hotel the Cochin SMC bench in a detailed order in 18…
......Read MorePremium on forward contract – capital purchases
On the question of whether the amount of premium paid for hedging foreign exchange fluctuations on foreign currency loan taken…
......Read MoreFine /penalty nature of payments
The P & H High Court in 311ITR336 held that a penalty or fine paid under any law would not…
......Read MoreRelated party payments
Often in closely held businesses such as jewelry shops etc, family members also give participation so that amounts incurred by…
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