R&D expenses incurred for partnership firm - Since the assessee ...

Case Laws Income Tax

March 7, 2020

R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the business of the partnership firm in the capacity of the majority stake holders. Incidentally, the revenue authorities have not brought anything on record which could suggest that the expenditures have not been incurred for the purposes of business. Be it assessee's business or the business of the partnership firm where the assessee is a majority stake holder. In our understanding of the law an expenditure is allowable if it is incurred for the purposes of the business of the assessee - claim of expenditure allowed - AT

View Source

← Previous Next →

R&D expenses incurred for partnership firm - Since the assessee ...

Case Laws Income Tax

March 7, 2020

You may also like:

Allowability of expenses u/s 48 - expenses incurred in IPO - assessee being major shareholder sold his 50% holding agreed to share cost of IPO though there was no...

Disallowance u/s 37(1) - payments of expenditure by way of cash - Assessee has incurred 90% of expenses by way of cheque, meaning thereby, in case of business necessity...

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

Deemed dividend u/s 2(22)(e) - determination of substantial interest / voting rights in the company - clubbing of the shares held by the individual and shares held by...

Status of the partnership firm treated as AOP - partnership deed is executed on an inadequate stamp paper - Department is accepting all the genuineness of existence of...

The Appellate Tribunal considered the disallowance of club expenses to determine if they were incurred for business purposes. It held that the Assessing Officer's...

Penalty u/s 271D - assessee is a small trader - household expenses incurred and paid from firm have been entered in cash book debited to assessee's a/c and crediting the...

Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...

Ad-hoc disallowances of the expenses - the expenses claimed for the purpose of the business cannot be disallowed merely on the reasoning that these expenses were...

Unexplained Money u/s 69A r.w.s. 115BBE - Cash withdrawal from the firm as partner of the firm - along with confirmation letter given by the firm, assessee has also...

Addition towards ROC expenses - section 35D provides amortization of certain expenses, which are in the nature of capital/intangibles/preliminary expenses, which have...

In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

The CESTAT held that the advertisement charges collected by the appellant as reimbursement expense cannot be included in the gross value of franchise service. The...

Deemed income - Addition u/s 41(1) - cessation of liability - amount due to partnership firm - The said adjustment of transferring the loan into the capital is between...

Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

Quick Updates: