Drilling operations being the very business of the assessee, ...

Case Laws Income Tax

October 3, 2014

Drilling operations being the very business of the assessee, expenditure incurred to make the rig operational would be covered and should be treated as “revenue expenditure”, whereas the cost of the rig would fall and should be treated as a “capital expenditure” - HC

View Source

← Previous Next →

Drilling operations being the very business of the assessee, ...

Case Laws Income Tax

October 3, 2014

You may also like:

Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary....

R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...

Income tax case involving disallowance of expenses incurred by a company for maintaining a guest house. The legal ownership of the guest house was with the company...

Nature of expenses - Litigation expenses - Revenue or capital expenditure - In the present facts, since assessee has no interest in the ownership of the asset but he is...

Contract to supply drilling rigs to ONGC - Drilling rigs hired by assessee - Supply of Tangible Goods for Use service - demand confirmed with interest but penalty waived - AT

Claim of Expenditure on hawala business - Assessee also did not submit any proof of incurring any expenditure. Income was also not assessed on net basis @ 0.30 %. No...

Nature of expenditure incurred towards research and development - The fact that the expenses incurred by the assessee towards research and expenses have been met out of...

Bidding expenditure u/s 37 (1) - whether expenditure as incurred for setting up a new line of business? - Deduction towards Interest on the share application money...

Disallowance of business loss of discontinued business: Deduction for expenditure incurred towards professional charges, consultancy charges, ESI arrears, and bank...

Unexplained expenditure - The whole name of this price rigging mechanism was given as “screen management charges”. We are not concerned with the mechanism as well as the...

Nature of expenditure - expenses incurred on account of professional and legal fees - The expenses are not incurred for exploring the market for a new product and rather...

Income under the head 'business and profession' would be earned by incurring relevant expenditure. While unjustified expenditure could be disallowed, there are limits to...

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...

Nature of expenditure - Allowable business expenditure or personal expenditure - education expenses of the daughter - With the logic advanced by assessee, every...

Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

Quick Updates: