Home Highlights February 2011 Year 2011 This

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1. If a sum was paid by the assessee that may render him liable to penal action, the same could not be allowed as deductible expense – revision u/s 263 upheld -HC

2. Nature of expenses - Allowability of Penal Interest paid to NOIDA - CIT(A) correctly allowed the assessee to capitalize the interest paid by the assessee to Noida...

3. Provision for warranty expenses computed on basis of past experience and scientific basis is allowable. Assessee applied formula for provision though no past history was...

4. ST – Reimbursement of expenses are not deductible from gross value

5. Addition of expenses as penal in nature - forfeiture of the Bank Guarantee - it was related to the business activities of the assessee and was revenue in nature,...

6. The appellant was not liable to pay service tax on the expenditure reimbursed by group companies, as the expenses were not shown to be consideration for services...

7. TP Adjustment - Recovery of expenses represent expenses incurred by the assessee company on behalf of AE towards Bid bond expenses. These expenses were also recovered by...

8. The expenses incurred towards municipal taxes, maintenance, and repairs of guest-house could not be allowed as a deduction, following the Supreme Court's decision in...

9. Transfer pricing adjustment on export commission paid to related party disallowed based on assessee's own case demonstrating benefits and higher profitability. Royalty...

10. Deduction of big amounts debited as IICM contribution in the profit and loss account - Ascertained expenditure - The tribunal examined the factual position as well as...

11. The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

12. Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

13. TDS u/s 195 and disallowance u/s 40(a)(ia) towards sales commission paid were challenged. Since the services rendered did not fall within fees for technical services or...

14. Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

15. Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...