Home Highlights May 2013 Year 2013 This

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1. Correct head of income - gains arising on cashless exercise of stock options - it was not open for the revenue to take one stand in case of the assessee and to challenge...

2. The Administrative directions for fulfilling recovery targets for the collection of revenue should not be at the expense of foreclosing the remedies which are available...

3. In a recent High Court case, the issue of whether advertisement expenditure could be considered as allowable revenue expenditure was discussed. The ITAT allowed the...

4. ITAT dismissed assessee's appeal citing low tax effect as per CBDT Circular No.3/2018, giving Revenue liberty to recall dismissal if covered by exceptions. Assessee...

5. The case pertains to the disallowance of a provision for contract losses by the CIT(A) and AO, who erroneously concluded it as an unascertained liability not deductible...

6. Levy of penalty on the petitioner being double the amount of tax allegedly evaded by the petitioner - No doubt, in circumstances where the gross profit estimated by the...

7. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

8. Input service distributor (ISD) - Void ab initio distributed credit - office or establishment of the said manufacturer or not - satisfaction of provisions of Rule 2(m)...

9. The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision,...

10. The case dealt with whether advertisement expenditure (deferred revenue) qualifies as allowable revenue expenditure. The assessee recorded different entries in audited...

11. Recovery of Refund of SAD - Neither the assessee can seek refund nor Revenue can proceed to recover the refund already sanctioned without challenging the earlier order...

12. Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already...

13. The assessee's contribution to the Compensatory Afforestation Fund (CAF) is a revenue expenditure, not capital expenditure. This issue is settled, as the Bombay High...

14. TP Adjustment - Assessee contents that part of the Revenue reported in future years, but the contention of the assessee cannot be accepted for the simple reason that...

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