Home Highlights June 2012 Year 2012 This

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1. Business expenditure u/s.37(1) - share issue expenses - assessee has abandoned the proposal to issue shares at later stage - when the nature of expenditure incurred by...

2. ITAT upheld CIT(A)'s decision allowing deduction of Finance Lease Rental Payments under section 37(1) as revenue expenditure. Revenue's appeal challenging depreciation...

3. The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

4. Disallowance of sales promotion expenses being gifts to doctors and hospitals - Allowable business expenditure u/s 37(1) - the MCA regulations are applicable to the...

5. Nature of expenses - Allowable expenses u/s 37(1) - Interest and late fee on TDS, Late payment & penalty charges, Interest on margin trading facility - There was no...

6. Compensation for surrender the tenancy right - tenancy right was a capital asset and surrender of the same was a transfer of a capital asset - HC

7. Receipt on account of surrender of tenancy rights - till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to...

8. Disallowance of expenses made u/s.37(1) - disallowance of expenditure on adhoc basis made by the ld. AO by giving a categorical finding that the ld. AO had not even...

9. Expenses under the head research and development - deduction of such expenses under the provisions of section 37(1) OR u/s 35 - the genuineness of the expenses cannot be...

10. The issue revolved around whether payments made by the Assessee to various institutions could be treated as allowable expenses u/s 37(1) or disallowed u/s 40A(9). The...

11. Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

12. Allowability of deduction u/s 37(1) of the Act - Amount of service tax included with interest – expenses have direct nexus with the business operation - expense allowed - HC

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

14. Allowable expenditure u/s 37(1) - addition relating to form fees which was deposited for obtaining the wine shop through government - non-accepting the theory of...

15. Payment made towards traffic rule violation - whether revenue expenditure u/s 37(1) - whether such payments made were for an offence or is prohibited by law? - payment...