Home Highlights July 2013 Year 2013 This

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1. Payment made for surrender of tenancy rights - deduction allowed u/s 37(1) - AT

2. Issue of RCMS - Services allotted to Services Export Promotion Council (SEPC)

3. Disallowance of expenditure u/s 37(1) - Amount paid as penalty for using electricity during restricted hours - the amount paid being penalty, the AO was justified in...

4. The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

5. Disallowance u/s 37(1) - penalty amount - Merely because the assessee categorised the claim under “penalty levied on the assessee company for not complying to the terms...

6. Allowability of fine and penalty as per section 37 - the ‘FINE’ paid by the Assessee is allowed as expenditure u/s 37(1) the amount paid as ‘penalty’is an inadmissible...

7. Amount paid towards penalty for breach of commercial contract by the assessee is not penal in nature, but compensatory in nature - deduction u/s 37(1) allowed - HC

8. Deduction u/s 37(1) - Nature of payment - Whether shaman shulk paid to Excise Department is penal in nature - The amount cannot be treated to be penalty, which can be...

9. Deduction of interest on late deposit of TDS under Section 37(1) - payment of interest on late deposit of tax deduction at source by the assessee leviable u/s 201 (1A)...

10. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

11. Allowable expenditure u/s 37(1) - Settlement charges paid to SEBI - penalty paid for infraction of law - payment was made without admitting or denying the guilt - claim...

12. Nature of expenditure - forfeiture of advance of ₹ 7 crores - against purchase of property - once the parties to the transaction have accepted the forfeiture and...

13. Deduction u/s 37(1) - earnest money forfeited - As such the alleged amount though is not covered by the provisions of Section 36(1)(viia) but certainly it will be...

14. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

15. Expenses under the head research and development - deduction of such expenses under the provisions of section 37(1) OR u/s 35 - the genuineness of the expenses cannot be...