Home Highlights June 2012 Year 2012 This

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1. Disallowance of payment of professional fee to the directors - allegation of paying excessive remuneration to the directors - services provided by the directors towards...

2. Nature of expenses - apportioning the licence fee as partly revenue and partly capital - variable licence fee paid by the assessees under the New Telecom Policy, 1999 -...

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

4. Prior period expenditure - Addition of legal and professional charges - if the Tax Consultant following its general practice raises the invoice upon conclusion of the...

5. Nature of expenditure - addition towards Professional Fees and treating the same as Capital Expenditure - Legal and Professional charges paid by the appellant company...

6. Acquisition of brand - Payment made for Legal and professional fees – expenditure were in the nature of revenue and could not be disallowed as capital expenditure - AT

7. Non-payment of professional fee/retainership fee bills of empanelled lawyers - The fact that the Petitioner was forced to approach this Court is extremely unfortunate....

8. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

9. Allowability of legal & professional fees pertaining to buyback of shares - deduction in respect of expenditure incurred for proceeding of implementation of buyback of...

10. Disallowance of non-compete fees - Capital or revenue expenditure - expenditure has to be disallowed as capital expenditure - however depreciation to be allowed - AT

11. Non-compete fees - capital expenditure or revenue expenditure – warding off competition in business will constitute capital expenditure.... - HC

12. Disallowance of legal and professional fees - the expenditure incurred by the assessee in the form of legal and professional fees paid to an architect is for the purpose...

13. Allowable revenue expenditure - treatment to the travelling expenses of the Director's wives as well as fees paid for professional service - Allowed as revenue expenditure - HC

14. The assessee failed to deduct tax on professional fees paid to various non-residents. The Assessing Officer (AO) held that the fees were liable to tax in India under the...

15. Disallowance of professional fee paid - genuineness of expenses - Even a layman will not convince that after paying crores of rupees over the period to consultant...