Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2016 Year 2016 This

Disallowance of kist payment (lease rent) - prior period item - ...

Case Laws     Income Tax

October 21, 2016

Disallowance of kist payment (lease rent) - prior period item - Kist payment for the previous period - It is not the case of the department that this method of accounting of kist payment on cash basis is not consistently followed by the assessee - claim of expenditure allowed - AT

View Source

 


 

You may also like:

  1. Disallowance of depreciation in respect of asset given on lease - the lessee has been given only right to use the asset for the terms of the lease on payment of...

  2. Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

  3. Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

  4. MAT - Rectification of mistake - Deduction of prior period items from book profit - section 115JA - HC

  5. TDS u/s 194I - Rent - lump sum lease payments or one time lease charges, which are not adjustable against long term lease hold charges, which are not adjustable against...

  6. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

  7. Input Tax Credit (ITC) - upfront lease premium - The upfront premium made is the lease rentals as per the allotment order/letter of Chennai Port Trusts and it is nothing...

  8. Disallowance u/s 40 (a) (iib) - payment of Gallonage Fee, Licence fee, Shop rental (Kist) and Surcharge on Sales Tax - the levy of Gallonage Fee with respect to the...

  9. Disallowance of finance lease rental payments - claim of the assessee to claim the lease rent as an expenditure in their computation - The ITAT held that the payment...

  10. Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

  11. TDS u/s 194I - lease premium paid to Mumbai Metropolitan Regional Development Authority (“MMRD") - lump sum lease premium or one-time upfront lease charges, which are...

  12. Nature of expenditure - revenue or capital expenditure - One-time lease rental charges paid to Greater Noida Industrial Development Authorities (GNIDA) for a period of...

  13. Proportionate allowability of lease premium u/s 37 - it is difficult to appreciate that fact of rent being depressed rent can only be appreciated as such if there is...

  14. Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

  15. Disallowance of rent payment - assessee neither produce evidence of ownership of the property by those persons(land lord) nor furnish the copies of lease a agreements -...

 

Quick Updates:Latest Updates