Claim of expenditure u/s 37(1) - Cancellation of sale agreement ...

Case Laws Income Tax

January 5, 2021

Claim of expenditure u/s 37(1) - Cancellation of sale agreement - assessee has claimed an expenditure as advance made for purchase of property forfeited - AO treated the same as capital asset transaction u/s 2(14) - We considering the principle of natural justice, shall provide one more opportunity to the assessee to substantiate with the evidence before the Assessing Officer. - AT

View Source

← Previous Next →

Claim of expenditure u/s 37(1) - Cancellation of sale agreement ...

Case Laws Income Tax

January 5, 2021

You may also like:

Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

Rental deposits written off - allowable revenue expenses u/s 37(1) - The assessee could not occupy the property since the required permission was not taken by the owner...

Expenditure allowable u/s 37(1) - contribution made by an assessee to a public welfare cause - While examining the claim for deduction u/s 37(1) the AO would not blindly...

Claim of expenditure u/s 37(1) - medical insurance premium paid for the family members of the employees of the company - Claim of expenses allowed as business expenditure.

Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

Write off of outstanding dues - Bad debts claimed u/s 36(1)(vii) - Fresh claim before ITAT, in alternative, as business expenditure u/s 37(1) - The assessee at this...

Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

Deduction u/s 36 or 37 - provisions for claims and compensation - A developer of a building could claim it as an expenditure in the year in which such expenditure is...

Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

The assessee is entitled only to claim interest paid as part of the said lease rentals as expenditure u/s 36 (1) (iii) of the Income Tax Act. The assessee, in view of...

Expenditure claimed by the assessee to fund the higher education of its director had an intimate and direct connection with its business - expenditure allowed u/s 37(1) - HC

Disallowance with respect to expenditure on ESOP u/s 37 - the expenditure in question is wholly and exclusively for the purpose of the business of the assessee and the...

Disallowance of expenditure u/s. 37(1) - professional charges paid - quantum of allowance - There is no power to AO to reduce the claim, whereas he can examine whether...

Nature of expenditure - assessee itself has capitalized in the financial statements to the expenditure incurred but the assessee has claimed it as a revenue expenditure...

Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

Quick Updates: