TP Adjustment - Disallowance of non-operating and non-allocable ...

Tax Ruling: Legitimate Business Expansion Expenses Must Be Recognized for Companies in Transportation Sector.

November 10, 2023

Case Laws Income Tax AT

TP Adjustment - Disallowance of non-operating and non-allocable expenses incurred for exploring new business in the line of Maintenance and Operations of Transportation - CIT(A) was not justified in disallowing non-operating non-allocated expenses and expenses incurred for exploring new business in the line of Maintenance and Operations of Transportation by the assessee. - AT

View Source

← Previous Next →

TP Adjustment - Disallowance of non-operating and non-allocable ...

Tax Ruling: Legitimate Business Expansion Expenses Must Be Recognized for Companies in Transportation Sector.

November 10, 2023

Case Laws Income Tax AT

You may also like:

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

Restoration of name of Company - Aggrieved person is Income Tax Department - The instant application would not lie under section 252(3) of the Companies Act, 2013;...

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...

Addition on account of Business Promotion Expenses - personal element in the business promotion expenses to the extent of 10% of the total expenses cannot be ruled out.

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...

Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Amendment Rules, 2019

Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2012 - Notification

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

Availability of input tax credit is restricted on inward supplies like spare purchases, repairs, and refurbishment costs, except for old or used motor vehicles as per...

ITAT ruled against double taxation of personal credit card expenses initially disallowed under s.37(1) in company's returns. Where company had already acknowledged...

Input Tax Credit - applicant is under Marginal Scheme - there is no bar on the registered tax payer to claim input tax credit on input services and corresponding...

The Appellate Tribunal considered the disallowance of club expenses to determine if they were incurred for business purposes. It held that the Assessing Officer's...

Tax residency certificate issued by Singaporean authorities is statutory evidence of the company's residency, and the burden lies on the Revenue authorities to establish...

This notification amends the Companies (Prospectus and Allotment of Securities) Rules, 2014, by inserting a proviso in sub-rule (2) of rule 9B. The proviso states that a...

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...

Quick Updates: