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 April 2017 Year 2017 This

Nature of expenditure through credit card - The bank statement, ...


Bank Statement Fails to Prove Business Purpose of Credit Card Expenditures, Says Assessing Officer.

April 20, 2017

Case Laws     Income Tax     AT

Nature of expenditure through credit card - The bank statement, produced by it before the AO indicates the expenditure incurred but it does not prove the fact of incurring of expenditure for the business - AT

View Source

 


 

You may also like:

  1. Levy of IGST - credit card services - interest component of the Equated Monthly Instalments (EMI) of the loan granted by the respondent Bank on credit card - he services...

  2. Addition towards payment made to credit card company - since the assessee had not claimed any expenditure, the question of proving whether it was for the purpose of...

  3. Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

  4. In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

  5. Credit Cards Services - issuing bank receiving certain commission from the acquiring bank on swiping of credit cards - the appellant is not engaged in any activity of...

  6. Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

  7. Addition u/s 68 - it is seen that the this Gift is given from donor's NRE bank account maintained with Axis Bank. It entails particulars of cheque number, date of giving...

  8. TDS u/s 194H - amount retained by a bank / credit card agency out of the sale consideration of tickets booked through credit card - Whether principal and agent...

  9. TDS u/s 194H - commission or brokerage - amount retained by Banks/ Credit Card Agencies - assessee was not required to deduct TDS on charges retained by Bank / credit...

  10. Business expenditure u/s 37 - Word ‘wholly’ refers to quantum of expenditure and word ‘exclusively’ refers to motive, object and purpose of the expenditure. Personal...

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

  12. Ad-hoc disallowance at the rate of 10% on credit card expenses - Prima Facie the said disallowance is ad-hoc in nature. AO ought to have made reference to any of such...

  13. Deduction u/s 80P - The banking activities under the Banking Regulation Act are altogether different activities. There is a vast difference between the credit societies...

  14. Revision u/s 263 by CIT - Wrong claim of business expenditure - Since the assessee failed to prove the nexus between the interest income and expenditure incurred, the...

  15. The "mark up" charges accruing to the issuing bank when card holder uses credit card to pay in foreign exchange abroad is not liable to service tax under credit card...

 

Quick Updates:Latest Updates