Without the first insurance, it cannot be said that the vehicle ...

Initial Insurance Premium Deemed Capital Expenditure, Increases Vehicle Cost Under Tax Rules.

June 14, 2016

Case Laws Income Tax AT

Without the first insurance, it cannot be said that the vehicle has been put to use. Therefore, the first insurance premium paid would go to increase the cost of the vehicle and, therefore, the same has been treated as capital expenditure - AT

View Source

← Previous Next →

Without the first insurance, it cannot be said that the vehicle ...

Initial Insurance Premium Deemed Capital Expenditure, Increases Vehicle Cost Under Tax Rules.

June 14, 2016

Case Laws Income Tax AT

You may also like:

CENVAT credit - input services - Rule 2(l) of CCR 2004 - insurance taken in the name of Joint Managing Director - Insurance premiums of motor vehicles and repair of...

GST Council's 53rd meeting recommendations led to amendments in Schedule III of CGST Act, clarifying two key insurance transactions. First, co-insurance premium...

The circular clarifies the treatment of input tax credit in relation to life insurance premiums not included in taxable value. The circular explains that such premiums...

CESTAT Mumbai addressed CENVAT Credit issues on Rent-a-Cab services and insurance services u/s Rule 2(l) of Cenvat Credit Rules, 2004. Rent-a-Cab services were denied...

Rejection of refund claim - amount paid under protest - tax has been included in the gross amount collected as insurance premium or not - The computation of premium is a...

The ITAT, an Appellate Tribunal, addressed the re-computation of long-term capital gain related to determining the cost of improvement for constructing a concrete bridge...

Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

CENVAT Credit - input services - service tax paid on insurance premium for availing medi-claim facility for employees who had opted for ‘Voluntary Separation Scheme’ -...

Non-compete fee received is a capital receipt not liable to tax. Surplus on cancellation of debentures issued for capital expenditure is not taxable. Premium paid on...

Premium paid on redemption of debentures – capital expenditure vs revenue expenditure -actual premium paid upon the redemption of the debentures would have to be...

The circular addresses the entitlement of Input Tax Credit (ITC) by insurance companies on repair expenses for motor vehicles in reimbursement mode of claim settlement....

The tribunal held that the insurance scheme and surcharge charged by the appellant did not amount to premium as there was no insurance policy issued mentioning...

Payment of interest on share application money - Nature of expenditure - the assessee with an object to increase share capital has incurred expenses in the form of...

The services rendered by an insurance agent, duly licensed u/s 42 of the Insurance Act for general insurance businesses, are taxable as "insurance auxiliary services"....

CENVAT Credit - input service or not - re-insurance being pooled through a mechanism provided by IRDA - respondent who is an insurance company, had been depositing its...

Quick Updates: