Disallowance of expenditure - The method followed by the ...

Case Laws Income Tax

January 4, 2017

Disallowance of expenditure - The method followed by the assessee in the instant case amounts to claiming of the expenditure twice, i.e. in the year when the assessee has debited such expenses to the cost of the flats as there was no profit and again during the impugned assessment year when there is profit. This definitely amounts to double deduction - AT

View Source

← Previous Next →

Disallowance of expenditure - The method followed by the ...

Case Laws Income Tax

January 4, 2017

You may also like:

Disallowance being 10% of expenditure - Disallowance of expenditure @ 10% of the expenditure in the instant case appears to be on the higher side since it gives a profit...

Revenue recognition based on Accounting Standard (AS) 7 for advance received from customers under contracts - assessee followed Percentage Completion Method (PCM)...

Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

Disallowance of the service tax payable under section 43B - since the assessee did not debit the amount to the P&L account as an expenditure nor did the assessee...

Transfer pricing adjustment on export commission paid to related party disallowed based on assessee's own case demonstrating benefits and higher profitability. Royalty...

Year of taxability of amount - in the case of construction contracts, the assessee can follow either the project completion method or the percentage completion method - AT

Disallowance of provision for commission expenses - In the instant case, the assessee is aware that it would be liable to pay commission amount to the agent when the...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

TDS u/s 40 (a)(ia) - TDS on interest to outgoing partner of the partnership firm - As per provisions of section 40(a)(ia) even if assessee debited expenditure, but same...

Disallowance of Corporate Social Responsibility (CSR) and Sustainable Development (SD) expenses. Following the precedents established in the assessee's own cases and the...

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...

Disallowance of provision for slow moving obsolete stock - if the provision is accounted in accordance with the statutory requirements and the method of accounting has...

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

Disallowances on account of non-payment of VAT before prescribed return filing date u/s 139(1) - assessee's submission of exclusive method of accounting without debiting...

Disallowing claim of expenditure - non-carrying of business activity during the year under reference - The case involved an appeal by an assessee against the...

Quick Updates: