Addition of Preliminary expenses written off as deferred revenue ...

Tax Authorities Must Exercise Discretion for Assessee's Benefit: Treatment of Deferred Revenue Expenses as Capital.

September 16, 2015

Case Laws Income Tax AT

Addition of Preliminary expenses written off as deferred revenue expenses - treating the expenses are of capital nature - An AO, as indeed any other authority in the IT Act, cannot turn to the assessee and say that although he has authority to do something for the good of the assessee, it is not necessary that he must exercise that authority. - AT

View Source

← Previous Next →

Addition of Preliminary expenses written off as deferred revenue ...

Tax Authorities Must Exercise Discretion for Assessee's Benefit: Treatment of Deferred Revenue Expenses as Capital.

September 16, 2015

Case Laws Income Tax AT

You may also like:

Stay of demand - the discretion to be exercised u/s 220(6) is to be exercised in a fair and judicious manner and in accordance with the principles laid down by us in...

Assessee employed by Indian entity but sent on long-term international assignment to Singapore. Salary received in India for administrative reasons, but employment...

The ITAT held that the assessee, a Luxembourg company, is entitled to India-Luxembourg tax treaty benefits. Despite being a subsidiary of Cayman Islands entities, the...

Provisional release of seized goods - The adjudicating authorities should be permitted to exercise their discretion in manner known to law. While exercising their...

Treatment of sales tax refund as income under section 41(1) - Decided against the revenue.

Remission of deferred sales tax liability - deferred sales tax liability will not be chargeable to tax as business income of the assessee - AT

The assessee, a non-resident corporate entity incorporated in Austria, earned income from the sale of software licenses. The Assessing Officer (AO) computed the profit...

Stay of demand - exercise of discretion - when section 220(6) confers discretion upon AO while considering an application, it has to be exercised in a reasonable and...

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

The administrative authority will be exercised by National Academy of Direct Taxes (NADT)

The High Court held that the Revisional Authority did not follow the proper procedure prescribed u/s 263 of the Income Tax Act while invoking its revisionary powers. The...

Dishonor of Cheque - grant of interim compensation - It is the discretion conferred, as the word used is “may”. - it is not that 20% has to be the interim compensation...

Validity of refund order - Failure to get Certificate of Export in time - the revisional authority passed an order assessing the tax liability of the appellant/writ...

Initiation of CIRP - validity of condonation of delay of 1392 days in filing Section 7 Application - In the facts and circumstances of the present case, the delay of...

Disallowing the claim of the appellant to reduce the reversal of provision for bad and doubtful debts from the book profits computed under section 115JB - if the...

Quick Updates: