Denial of claim of loss or to categorize certain expenses as ...

Case Laws Income Tax

June 17, 2023

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not - The research and development expenses were towards samples of products/ accessories for testing purpose before placing a purchase order and all this are intricate to the nature of business activity of the assessee. - Tax Authorities below fallen in error in concluding that assessee’s business was not ‘set up’ during previous year, to deny the claim of loss or to categorize certain expenses as pre-operative expenses. - AT

View Source

← Previous Next →

Denial of claim of loss or to categorize certain expenses as ...

Case Laws Income Tax

June 17, 2023

You may also like:

Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

Transfer pricing - Pre-operative expenses - In absence of any material to prove that the assessee has recovered the pre-operative expenses from its AE, the conclusion...

Disallowance of Administrative and Other Expenses as pre-operative expenses – the assessee had successfully identified certain mineral rich blocks too - the expression...

Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

Disallowance of the expenses claimed on account of employees benefit expenses - AO making the disallowance on the ground that assessee has claimed the expenses basically...

MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

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

Disallowance of conveyance expenses, staff welfare expenses, sundry expenses and traveling expenses - certain expenses were not supported by third party vouchers,...

Denial of refund claim - Pre mature refund claim - appellants are at liberty to file the refund claim even though the matter is still pending before the Apex Court - AT

Disallowance of assessee's claim of exceptional losses on account of certain trades - Actually if there is any loss incurred on the said transaction, the same shall have...

Loss on sale of depreciable assets - CIT(A) rejected the claim - non-filing of the return of income by due date can be basis for denial of claim for carry forward of...

Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.

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

Quick Updates: