Allowable expenses - Liability as ascertained liability or not - ...

Court Rules Assessee's Discount Provision as Allowable Expense Based on Evidence of Actual Expenditure.

July 4, 2020

Case Laws Income Tax AT

Allowable expenses - Liability as ascertained liability or not - assessee has itself shown the amount as provision for discount not debited to accounts of respective parties - the assessee demonstrated by producing the copies of the deals of some of the parties and shown that it is not an asset or liability but actual expenditure - Expenses allowed.

View Source

← Previous Next →

Allowable expenses - Liability as ascertained liability or not - ...

Court Rules Assessee's Discount Provision as Allowable Expense Based on Evidence of Actual Expenditure.

July 4, 2020

Case Laws Income Tax AT

You may also like:

The assessee failed to substantiate the provision made for freight, material handling charges, and IT support expenses as an allowable expenditure. The assessee merely...

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...

Bogus sundry creditors - Whether CIT(A) had clearly violated the provisions of Rule 46A of the Income-tax Rules, 1962, while admitting additional evidence? - The High...

The Appellate Tribunal addressed various issues: disallowance of provisions for waste disposal expenses due to lack of evidence and scientific basis, upheld disallowance...

Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

Transfer pricing adjustment on export commission paid to related party disallowed based on assessee's own case demonstrating benefits and higher profitability. Royalty...

The ITAT allowed the assessee's appeal, holding that contributions made to the unrecognized provident fund and unapproved pension fund were eligible for deduction under...

ITAT upheld deletion of interest expense disallowance where assessee provided interest-free advances while having interest-bearing loans. The advances were given with...

Provision for future liabilities (expenses) - whether allowable - mercantile basis of accounting - held yes - HC

Disallowance on account of provision for expenses made under normal provisions of the Act as well as in the computation of book profits u/s.115JB - The assessee company...

Onus on assessee to explain exorbitant increase in transport expenses and support with proper bills/vouchers, which assessee failed. Sample bills/vouchers not for...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

In a recent High Court case, the issue of whether advertisement expenditure could be considered as allowable revenue expenditure was discussed. The ITAT allowed the...

ITAT ruled AMP expenses did not constitute international transaction under Section 92B, as Revenue failed to establish existence of arrangement between assessee and AE...

Quick Updates: