Expenditure incurred by the assessee towards earning income from ...

Case Laws Income Tax

January 2, 2021

Expenditure incurred by the assessee towards earning income from providing consultancy services - it would be appropriate and just to estimate the expenditure and thereafter determine the taxable income of the assessee. Further taking cue from the provisions of section 44ADA of the Act (though it was inserted by finance Act 2016 w.e.f. 1/4/2017). - In the peculiar circumstances in the case of the assessee 50% of the gross consultancy receipts should be treated as the expenditure incurred by the assessee for earning income from consultancy services - AT

View Source

← Previous Next →

Expenditure incurred by the assessee towards earning income from ...

Case Laws Income Tax

January 2, 2021

You may also like:

Disallowance u/s 14A read with Rule 8D - In any case, as per section 14A(3) whether or not the assessee has incurred any expenditure for earning exempt income, a part of...

In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

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...

Disallowance of business loss of discontinued business: Deduction for expenditure incurred towards professional charges, consultancy charges, ESI arrears, and bank...

Claim of Expenditure on hawala business - Assessee also did not submit any proof of incurring any expenditure. Income was also not assessed on net basis @ 0.30 %. No...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

Nature of expenditure incurred towards research and development - The fact that the expenses incurred by the assessee towards research and expenses have been met out of...

Nature of income earned by the assessee from letting out of property - undoubtedly the main objects of the assessee company provides to carrying on the business of...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Disallowance to deduct the cost and expenditure incurred in earning income under the head "income from other sources" - What can be taxed is only the net income which...

Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...

The case pertains to the rejection of provisional registration u/ss 12AB/80G for charitable activities. The Commissioner of Income Tax (CIT) concluded that the assessee...

Income tax case involving disallowance of expenses incurred by a company for maintaining a guest house. The legal ownership of the guest house was with the company...

Claim of Expenditure at the rate of 7.5% of the interest income - Admittedly, there is no specific expenditure incurred to earn the interest income. However, incurring...

Quick Updates: