Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

All the four items, namely - Custom duty/expenses on importing ...


Custom Duty, Consultancy, Material, and Labor Costs Classified as Revenue Expenses.

March 9, 2015

Case Laws     Income Tax     AT

All the four items, namely - Custom duty/expenses on importing of free samples; Consultancy charges; Cost of material used for in-house development transferred from Raw material cost; and Cost of direct labour transferred from labour cost - are in the nature of revenue expenses. - AT

View Source

 


 

You may also like:

  1. 100% EOU - demand of customs duty on the raw material imported duty free - removal of finished goods in DTA without having any permission from the Development...

  2. Valuation - Captive Consumption of goods by the sister concern - expenses to be included in the cost of production - Determination of Cost Plus 10% - Rule 8 - The issue...

  3. Interest on custom duty - accrual of expenses - The interest on custom duty has the same nature as custom duty and therefore it could be allowed on payment basis - AT

  4. This is a summary of a tax case dealing with the deduction u/s 80P(2)(vi) of the Income Tax Act for income earned by cooperative societies from the collective disposal...

  5. ITAT affirmed weighted deduction eligibility u/s 35(2AB) for in-house scientific research expenditure. While R&D expenses incurred within India qualify for weighted...

  6. Retrospective exemption granted from payment of any customs duty on import of "Rough diamonds (industrial or non-industrial)" for the period 1.7.2017 to 1.2.2022....

  7. Exemption from IGST - Re-import of aircrafts and parts thereof after repairs - the meaning assigned to duty of customs, as discussed above, is the meaning assigned to...

  8. Nature of expenses - Relaunch expenses - deferred revenue expenditure claimed to the extent of 1/3rd in each of the year -The tribunal disagreed with the AO's...

  9. Valuation - inclusion cost of material / reimbursement of expenses - where the value of materials and cost of execution of work for installation of electric lines are...

  10. Bond issue expenses - Capital or revenue in nature - held as revenue expenditure - AT

  11. A legal challenge was raised regarding the requirement to pay the Social Welfare Surcharge (SWS) on imported goods when the basic customs and additional duty were...

  12. Software expenses - revenue v/s capital expenditure - software may be needed like raw material - computer software expenses were revenue in nature - HC

  13. Levy of GST - Place and time of supply - IGST - validity of SCN - sale of duty free goods from the duty free shops (DFS) - The customs duty and IGST is leviable only on...

  14. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

  15. Mandatory penalty u/s 114A of the Customs Act, 1962 not imposed - imported goods as “Polyester Bed Sheet”- mis-classified the impugned goods - The case involves a...

 

Quick Updates:Latest Updates