Home Highlights May 2013 Year 2013 This

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1. Disallowance u/s. 40(A)(2)(b) - excessive salary payment - payment to close associates / related parties - AO can disallow only that portion of the total expenditure,...

2. Disallowance u/s 40A(2)(b) - for the purpose of disallowing a deduction, AO has to form an opinion not only that the expenditure is excessive or unreasonable, but that...

3. Disallowance of interest paid on loan u/s.40A(2)(b) - excessive or unreasonable expenditure - Neither the AO nor the Ld.CIT(A) have demonstrated as to how the rate of...

4. Disallowing interest paid on borrowed monies - loan from related persons - Section 40A(2)(b) does not envisage the complete disallowance of expenditure unless it is...

5. IT - Sec. 40A(2) - increase in remuneration to Directors - when CLB had approved the remuneration it could not be said that the expenditure was excessive or unreasonable - AT

6. Disallowance u/s 40A(2)(b) - excessive or unreasonable payments made to specified persons - AO has not done any exercise to determine as to whether the amount paid by...

7. Addition u/s 40A - excessive or unreasonable expenditure - Deduction from the income of payments of commission made to the Directors/Managing Director of the respondent...

8. Revision u/s 263 - Excessive payment to related party or not - Payments for job work not verified by AO at "fair market value" under section 40A(2)(b) - the onus is on...

9. Disallowance of interest paid on loans taken from family members u/s.40A(2) - Interest paid at the rate of 18% per annum on unsecured loans during the relevant period...

10. Excessive expenditure u/s 40A(2)(b) - the net profit amounted to only 0.13% of a massive turnover of about ₹ 103 crores. On such a premise, the conclusion that the...

11. Disallowance u/s 40A(2)(b) - there should be some material available before the AO for invoking section 40A(2)(a) to initiate action to disallow or refuse to deduct the...

12. Addition u/s 40A(2)(b) - Allegation of excessive and unreasonable salary paid to the relative of partner - The assessing officer questioned the legitimacy of this...

13. Deemed dividend u/s 2(22))e) - repayment of loan or advance by the Company

14. Agents incentive expenses - AO has not established that the payments made to the related parties are excessive or unreasonable under the three criterias specified in...

15. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...