Allow-ability of expenditure - scholarship to the children of ...

Scholarship and Gift Expenditures Allowed for Business Goodwill Despite No Legal Obligation.

September 29, 2016

Case Laws Income Tax AT

Allow-ability of expenditure - scholarship to the children of members, payment to legal heirs of members and gifts to members - even though there is no legal obligation to incur these expenditure but the assessee had incurred it for preserving business connection and goodwill of the business - claim of expenditure allowed - AT

View Source

← Previous Next →

Allow-ability of expenditure - scholarship to the children of ...

Scholarship and Gift Expenditures Allowed for Business Goodwill Despite No Legal Obligation.

September 29, 2016

Case Laws Income Tax AT

You may also like:

Expenditure owing to distribution of gifts to members/staff - expenditure allowed - AT

Allowability of business expenditure u/s 37(1) - Old business wisdom states that even at the cost of lakhs credit/ reputation/goodwill should be preserved(Jaaye laakh,...

Allowability of Scholarship expenditure as business expense - revenue contended that Scholarship was given to only one student namely, Akash Kumar for getting education...

Disallowance of “Scholarship Expenses” - Expenses claimed under the head ‘Assistance to Law Students’ - The expenditure incurred by the assessee is the routine...

Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

HC upheld deductions claimed under section 37 for license fee paid to use the goodwill and name "Remfry & Sagar." The court determined that payment for using...

Contribution to State Renewal Fund - allowable expenditure - it was a legal obligation of the assessee towards contribution of the said amount to the State Renewal Fund...

Allowability of expenditure u/s 37 - expenditure on scholarship - there are innovative ways visualized by the professional to make themselves visible in the professional...

Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary....

Income tax case involving disallowance of expenses incurred by a company for maintaining a guest house. The legal ownership of the guest house was with the company...

Depreciation on goodwill - business or commercial rights acquired - goodwill is an asset under Explanation 3(b) to section 32(1) - the depreciation allowed even on the...

Allowable as business expenses - Small contributions to local people and institution on request of employees and business associates - Section 37 of the Act contemplates...

Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other...

Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

The case involves the disallowance of expenditure incurred during business setup. The Appellate Tribunal clarified that setup of business is distinct from commencement...

Quick Updates: