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Income Tax - Highlights / Catch Notes

Home Highlights November 2019 Year 2019 This

Addition on account of renovation and modernization of projects ...

Case Laws     Income Tax

November 25, 2019

Addition on account of renovation and modernization of projects - interest expenses incurred subsequent to completion of renovation of projects was to be treated as Revenue in nature as per section 36(l)(iii)

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  8. Disallowance of interest expenses u/s.36(1)(iii) - Once project is abandoned, it seizes to become eligible asset to capitalize borrowing cost to the work in progress...

  9. CENVAT Credit - Works Contract Services - Input Services - The expression “modernisation, renovation or repairs of a factory” was appearing in the definition of ‘input...

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  11. Addition on account of unvouched expenses - Salary expenses - The addition of finally made by CIT(A) comes to less than 10% of expenses claimed, accordingly, the...

  12. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

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

  14. Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

  15. Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from...

 

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