Disallowance of pre-operative expenses - assessee has taken ...

Assessee's Pre-Operative Expenses Allowed as Deductible: Sufficient Steps Taken to Start Business Operations.

June 13, 2019

Case Laws Income Tax AT

Disallowance of pre-operative expenses - assessee has taken sufficient steps by way of raising sufficient funds employing skilled personnel and by entering into lease agreements with the hotels on which improvements have been started, it amounts to setting off of business and as such, previous year expenses incurred in the business are permissible deductions

View Source

← Previous Next →

Disallowance of pre-operative expenses - assessee has taken ...

Assessee's Pre-Operative Expenses Allowed as Deductible: Sufficient Steps Taken to Start Business Operations.

June 13, 2019

Case Laws Income Tax AT

You may also like:

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...

Disallowance being pre-operative expenses on the reason that date on which VAT license was obtained was the date of commencement of business and not the date 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...

Transfer pricing - Pre-operative expenses - In absence of any material to prove that the assessee has recovered the pre-operative expenses from its AE, the conclusion...

Disallowance of royalty expenses - allowable revenue expenses - It is only in Assessment Year 2005-06, the said payment of royalty has not been allowed in the hands of...

Provision for warranty expenses computed on basis of past experience and scientific basis is allowable. Assessee applied formula for provision though no past history was...

Non-realization export proceedings of goods - convertible foreign exchange - Reasonable steps u/s 18(3) of FERA - The appellants adequately explained the steps taken by...

Liability of directors of private company in liquidation - steps taken against the delinquent Company - The order does not record any of the material which formed the...

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

Nature of Interest income - first ground of appeal of the assessee for treating expenses to the amount as revenue expenditure is dismissed. However, the alternative...

Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank...

Addition on account of advance against the properties - Assessee has improved his explanation step-by-step and instead of explaining facts in a proper manner at...

Addition u/s 69C - Unexplained expenses/premium - assessee did not furnish the source of payment of such expenses/premium - The case of assessee throughout the...

ST – Reimbursement of expenses are not deductible from gross value

The ITAT ruled that expenses related to an aborted Initial Public Offering (IPO) are deductible under s.37 of the Income Tax Act, following the precedent set in Nimbus...

Quick Updates: