Home Highlights October 2012 Year 2012 This

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1. Capital expenditure vs Revenue expenditure - expenditure on payment of lease rent and maintenance of the pipeline as per Build, Own, Operate, Transfer (BOOT) contract -...

2. The Commissioner of Income Tax (CIT) invoked Section 263 to revise the Assessing Officer's (AO) order, disallowing the amount paid on termination of an agreement,...

3. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

4. Premium paid on redemption of debentures – capital expenditure vs revenue expenditure -actual premium paid upon the redemption of the debentures would have to be...

5. Nature of stamp duty paid in relation to the leased business premises - Revenue or capital expenditure - lease was for a period of 10 years - The same is not a deferred...

6. Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

7. Capital expenditure or revenue expenditure - the expenditure incurred in regaining this profit company unit is in the nature of a capital expenditure and not the revenue...

8. Bond issue expenses - Capital or revenue in nature - held as revenue expenditure - AT

9. Expenditure on obtaining license for use of accounting software - revenue or capital expenditure - the assessee has not purchased the software but has purchased the...

10. Nature of capital gain - long term vs short term - recognition of consideration given by earlier agreement of development rights in land in the later registered document...

11. Revenue or capital expenditure - current repairs u/s 31 - overhead expenditure on construction - deductionallowed - AT

12. Nature of expenditure - revenue or capital expenditure - One-time lease rental charges paid to Greater Noida Industrial Development Authorities (GNIDA) for a period of...

13. Nature of expenditure - Revenue expenditure u/s 37(1) or capital expenditure - royalty payment for user of technical know-how and intellectual property rights along with...

14. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

15. Nature of expenses - land registration charges - land taken over rent / lease - revenue or capital expenditure - The assessee cannot enjoy that property forever under a...