Home Highlights December 2011 Year 2011 This

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1. Reduction of issued, subscribed, and paid-up equity share capital u/s 66 of the Companies Act, 2013. Compliance with Sections 66(1), 66(2), and 66(3) satisfied....

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

3. Expenses on advertisement - creation of brand value - capital or revenue in nature - it has been rightly treated by it as revenue expenditure, admissible u/s.37(1) of...

4. Disallowance towards interest expenses incurred on term loans - The loan having been utilized for acquisition of capital asset in the earlier years is thus not an...

5. Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

6. 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...

7. Capitalization of interest u/s.36(1)(iii) - Unlike, section 37 which expressly excludes an expense of a capital nature, section 36(1)(iii) emphasizes is the user of the...

8. Disallowance of Advertisement expenses u/s. 37 - the assessee had treated the aforesaid expenses as capital work in progress - advertisement expenses were almost 4 times...

9. 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...

10. Interest expenses - section 36(1)(iii) - It is immaterial whether the assessee had utilized the money for capital or revenue purpose - HC

11. Disallowance of proportionate interest u/s. 36(1)((iii) - loan taken for construction of building for the year under consideration on which the assets were not put to...

12. Nature of expenditure - interest expenses - revenue or capital expenditure - whether the interest expenditure is required to be added to the cost of work in progress in...

13. Classification as Revenue or Capital Expenditure – Expenses for transmission - Establishment and maintenance expenditure – It is only in respect of construction and the...

14. Revenue expenditure or capital expenditure - Allowability of expenses on acquisition of clientele and technical human resource i.e., employees to execute the contract -...

15. Disallowance of building renovation expenses – Capital or revenue expenses - the expenses are to be treated as revenue in nature and allowable u/s 37(1) of the Act - AT