Home Highlights May 2016 Year 2016 This

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1. Allowability of expenses u/s 48 - expenses incurred in IPO - assessee being major shareholder sold his 50% holding agreed to share cost of IPO though there was no...

2. 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...

3. The expenses incurred towards municipal taxes, maintenance, and repairs of guest-house could not be allowed as a deduction, following the Supreme Court's decision in...

4. 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...

5. Allowable expenses u/s 37 - Disallowances of foreign travel expenses and other expenses - the expenses incurred by the Assessee on various items as well as the...

6. Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...

7. TP Adjustment - Recovery of expenses represent expenses incurred by the assessee company on behalf of AE towards Bid bond expenses. These expenses were also recovered by...

8. Allowability of bond issue expenses - The expenses are having definite role in reorganizing the company and thus played a role in enhancing the value of the company. -...

9. The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

10. Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

11. Ad-hoc disallowances of the expenses - the expenses claimed for the purpose of the business cannot be disallowed merely on the reasoning that these expenses were...

12. Addition of sales tools expenses u/s 37 - the logic given by the coordinate bench equally applies to the sales tool expenses also. The above decision was also followed...

13. 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...

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

15. Section 44C refers to common head office expenses and cannot encompass the expenses exclusively incurred by the expenses incurred by head office employees exclusively...