Home Highlights February 2014 Year 2014 This

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1. 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...

2. 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...

3. Disallowance being pre-operative expenses on the reason that date on which VAT license was obtained was the date of commencement of business and not the date of...

4. 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.

5. Transfer pricing - Pre-operative expenses - In absence of any material to prove that the assessee has recovered the pre-operative expenses from its AE, the conclusion...

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

7. 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...

8. Addition of interest income - disallowance of interest income by not allowing proportional deduction of interest expenses - if it is presumed that the assessee did not...

9. Disallowance of Administrative and Other Expenses as pre-operative expenses – the assessee had successfully identified certain mineral rich blocks too - the expression...

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

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

12. Non setup of business - disallowance of deduction for expenditure incurred - Tribunal failed to appreciate the difference between the assessee being ready to commence...

13. Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

14. Disallowance of pre-operative expenses - assessee has taken sufficient steps by way of raising sufficient funds employing skilled personnel and by entering into lease...

15. Deletion of addition of advertisement expenses – AO erred in holding that the advertisement expenses as deferred revenue expenses is not valid in the eyes of law - AT