Home Highlights October 2014 Year 2014 This

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1. MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

2. Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

3. Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

4. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

5. Valuation of services - Brokerage Charges - whether the brokerage charges paid to the brokers/distributors by the appellants are reimbursable expenses or whether is a...

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

7. ALLOWABILITY OF PRIOR PERIOD EXPENSES - Article

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

9. TP Adjustment - Impute interest on receivables - LIBOR + 200 basis point rate is most appropriate rate and hence, direct the AO/TPO to adopt LIBOR + 200 basis point for...

10. Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

11. Expenses incurred for earning interest income on estimation basis - AO is directed to allow 1% of expenses on account of interest income and on service charges income - AT

12. Deduction u/s 10A - Adhoc disallowance of professional expenses, electricity charges and miscellaneous expenses - It is not in dispute that the aforesaid administrative...

13. Revision u/s 263 by CIT - we could not made out any evidence of the assessee having explained the issue of 'prior period expenses' before the AO. Therefore, assessment...

14. Addition on account of prior period expenditure - deducting prior period income From prior period expenditure is against well settled principles of law. - AT

15. TDS u/s. 194J - as ‘Web Hosting Charges’ can safely be construed as a facility which is provided to facilitate hosting of a website, therefore, the fee provided by the...