Expenditure incurred on sponsorship & other expenses of Polo ...

Polo Tournament Sponsorship Deemed Personal Expenses, No Business Benefits Found for Assessee.

July 5, 2012

Case Laws Income Tax AT

Expenditure incurred on sponsorship & other expenses of Polo tournament - there was no business benefits to the assessee by making such expenditure on advertisement. - treated as personal expenditure - AT

View Source

← Previous Next →

Expenditure incurred on sponsorship & other expenses of Polo ...

Polo Tournament Sponsorship Deemed Personal Expenses, No Business Benefits Found for Assessee.

July 5, 2012

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal considered the disallowance of club expenses to determine if they were incurred for business purposes. It held that the Assessing Officer's...

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

Nature of expenditure - Allowable business expenditure or personal expenditure - education expenses of the daughter - With the logic advanced by assessee, every...

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

Unexplained income - on money receipts - Peak addition - Once the business profit is determined at 8% of undisclosed receipts, then what is required to be seen is...

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

Disallowances of centenary celebration expenses, gift distribution and interest relief to society expenses - The expense incurred on account of relief fund to celebrate...

Deemed dividend u/s 2(22)(e) - assessee has a strategic investment in one of the group concerns in which the assessee held 17.20% shareholding - The benefit is not...

Addition on account of Business Promotion Expenses - personal element in the business promotion expenses to the extent of 10% of the total expenses cannot be ruled out.

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...

Nature of expenditure - Personal or business expenses - As rightly pointed out by the AO, the immediate beneficiary of the sponsorship was the hospital and not the...

When the Tribunal has recorded a finding that the expenses relating to obtaining fixed deposits are closely linked with the business requirement of the assessee, such...

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...

Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

Quick Updates: