Home Highlights January 2014 Year 2014 This

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1. Capital gain computation - Allowability of transfer expenses [brokerage, air tickets, hotel accommodation receipts, postal charges receipts, conveyance charges, lawyer...

2. Registration expenses deleted - payments made under the heads consultancy fees, bank charges and other expenses cannot be held to be not incurred for the business for year - AT

3. TDS u/s 194I - TDS liability on payment development charges, lease charges and other charges paid to RIICO - the development charges can not be considered as rent - AT

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

5. Addition u/s 69C - Unexplained expenses/premium - assessee did not furnish the source of payment of such expenses/premium - The case of assessee throughout the...

6. Addition on account of Business Promotion Expenses - personal element in the business promotion expenses to the extent of 10% of the total expenses cannot be ruled out.

7. While computing annual value of property which has been let out - disallowance made on account of brokerage charges, legal expenses, maintenance charges and insurance...

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

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

10. TDS u/s 195 - payment to abroad (USA / UK) of communication charges, commission charges, legal and professional charges, marketing & selling charges and business...

11. Adhoc Addition on account of personal use of car, on account of tour and travelling expenses and on account of telephone expenses - When undisputedly assessee has...

12. Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

13. Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

14. Default in the payment of Central Excise Duty - Undisputedly appellants have discharged the duty as demanded in the show cause notice and confirmed against them for the...

15. Disallowances of centenary celebration expenses, gift distribution and interest relief to society expenses - The expense incurred on account of relief fund to celebrate...