Home Highlights May 2013 Year 2013 This

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1. Rejection of books of account - Correct method of accounting - following cash system of accounting instead of accrual method of accounting - He has not cared to discuss...

2. Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

3. The circular issued by SEBI on charges levied by Market Infrastructure Institutions (MIIs) emphasizes the need for transparent and fair access to all market participants....

4. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

5. Accrual of income - assessee was declaring LPS on outstanding credit receivables on accrual basis - hybrid system of accounting - the assessee has followed the...

6. Nature of expenditure - expenditure incurred for development of a new product including knowhow - Thus expenditure incurred by the assessee being technical consultancy...

7. Banking and Other Financial Services - dormant account charges - By levying “dormant account charges’ such account holders are not getting any additional services or...

8. Accrual of interest income - nonoperational sticky loans in respect of which mercantile actual of interest was shown in the suspense account and not the profit and loss...

9. Revenue expenditure versus capital expenditure - Bank Charges being Upfront fee for term loan / Prepayment penalty charges - no justification on the part of the revenue...

10. Claim of demurrage charges - As the assessee has taken a business decision the demurrage charges and cancellation charges are allowable as business expenditure - AT

11. Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

12. Claim of Refund and Interest on Refund - Unjust enrichment - amount claimed as refund was not charged to the profit and loss account but retained in 'receivables'...

13. Accrual of interest expenditure / income - CIT(A) deleted the disallowance u/s 36(1)(iii) - Where there is no certainty of collection, revenue cannot be said to be...

14. Nature of expenditure - Revenue expenditure or capital expenditure - The ITAT held that, it is now well settled that revenue expenditure is allowable in entirety in the...

15. Whether Service Tax is payable on yearly installments due after 1.4.2016 in respect of spectrum assigned before 1.4.2016? - Exempted with specific conditions - The...