Disallowance of “Scholarship Expenses” - Expenses claimed under ...

"Assistance to Law Students" Expenses Allowed as Business Expenditure, Not Capital, Promoting Professional Profile.

January 8, 2022

Case Laws Income Tax AT

Disallowance of “Scholarship Expenses” - Expenses claimed under the head ‘Assistance to Law Students’ - The expenditure incurred by the assessee is the routine day-to-day expenditure incurred by the assessee for promoting his professional profile. These expenditure cannot be held to be capital expenditure in nature as no fresh new fixed assets is created by paying the scholarship sum - Allowed as business / revenue expenditure - AT

View Source

← Previous Next →

Disallowance of “Scholarship Expenses” - Expenses claimed under ...

"Assistance to Law Students" Expenses Allowed as Business Expenditure, Not Capital, Promoting Professional Profile.

January 8, 2022

Case Laws Income Tax AT

You may also like:

Allowable as business expenses - Small contributions to local people and institution on request of employees and business associates - Section 37 of the Act contemplates...

Nature of expenses - Litigation expenses - Revenue or capital expenditure - In the present facts, since assessee has no interest in the ownership of the asset but he is...

Allowability of Scholarship expenditure as business expense - revenue contended that Scholarship was given to only one student namely, Akash Kumar for getting education...

Sales promotion expenses - expenditure with respect to the gold chains being distributed - expenditure allowed - AT

Revenue expenditure or capital expenditure - Allowability of expenses on acquisition of clientele and technical human resource i.e., employees to execute the contract -...

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

Disallowance of pre-operating expense for a “Mawa Project” - revenue v/s capital expenditure - expenditure incurred for expansion of the dairy business of the assessee -...

The case involves the disallowance of expenditure incurred during business setup. The Appellate Tribunal clarified that setup of business is distinct from commencement...

Renovation expenditure as capital expenditure - payment towards purchase of furniture and fixture for new office have been incurred for purchase of furniture and fixture...

Capital gain computation - lease rental expenses are related to the transfer of slump sale business while computing the capital gain u/s 48(1) or not? - The Tribunal...

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...

Nature of expenses - Relaunch expenses - deferred revenue expenditure claimed to the extent of 1/3rd in each of the year -The tribunal disagreed with the AO's...

ITAT affirmed weighted deduction eligibility u/s 35(2AB) for in-house scientific research expenditure. While R&D expenses incurred within India qualify for weighted...

The expenses incurred towards municipal taxes, maintenance, and repairs of guest-house could not be allowed as a deduction, following the Supreme Court's decision in...

Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary....

Quick Updates: