Addition u/s 40A(2) - expenditure is excessive or unreasonable ...

Income Tax Act Section 40A(2) case: No additional tax liability due to agreed adjustments in sports board match revenue.

June 5, 2019

Case Laws Income Tax HC

Addition u/s 40A(2) - expenditure is excessive or unreasonable having regard to the FMV of the goods, services or facilities - the assessee and Nimbus in negotiations with BCCI agreed neither to refund for the cancelled match nor to charge for the additional match - difference in fee did not prevent the parties from agreeing to fresh contract as to how to adjust the revenue proceeds - no addition

View Source

← Previous Next →

Addition u/s 40A(2) - expenditure is excessive or unreasonable ...

Income Tax Act Section 40A(2) case: No additional tax liability due to agreed adjustments in sports board match revenue.

June 5, 2019

Case Laws Income Tax HC

You may also like:

Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Offence u/s 276(C)(2) and 277 - Allegation of willful tax evasion and non-payment of admitted tax - compounding application. The petitioner submitted income tax return...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

Adjustment of advance of service tax was paid but had not been shown in the ST-3 Return as advances and not been adjusted subsequently - Under Rule 6 of the Service Tax...

Self Adjustment of excess service tax paid with the service tax liabilities for subsequent period - Service tax amount paid at higher rate for the service tax...

Revised return - additional tax liability - if the credit or adjustment is to be given to the amount of tax already paid, there is no reason why the credit of input tax...

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

Applicability of Section 56(2)(x) of the Income Tax Act to the transfer or surrender of tenancy rights. It states that Section 56(2)(x) is a deeming provision akin to...

Income Tax: The proposed amendment to sub-clause (iiihg) of clause (a) of sub-section (2) of Section 80G of the Income Tax Act seeks to provide deduction for donations...

Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

Quick Updates: