Addition as perquisite u/s 17(2)(iv) - payment for credit card ...

ITAT Rules Business-Related Credit Card Payments Not Taxable as Perquisites Under Income Tax Act.

March 5, 2024

Case Laws Income Tax AT

Addition as perquisite u/s 17(2)(iv) - payment for credit card bills made by the company on her behalf - The ITAT deleted the addition accepting the assessee's contention that the expenses were for business purposes and not personal perquisites. This decision was made considering the evidence provided by the assessee demonstrating the nature of the expenses incurred in connection with the business.

View Source

← Previous Next →

Addition as perquisite u/s 17(2)(iv) - payment for credit card ...

ITAT Rules Business-Related Credit Card Payments Not Taxable as Perquisites Under Income Tax Act.

March 5, 2024

Case Laws Income Tax AT

You may also like:

CENVAT Credit - input service - non-payment of service tax on Ocean Freight - non-payment of service tax on Government Fees under RCM - The Appellate Tribunal considered...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Claim of foreign tax credit (FTC) u/s 90 or u/s 91 - Applicability or Rule 128 with retrospective effect - In view of Singapore Taxation Laws the income in question is...

AO's addition of "washout charges" as income was rejected. ITAT held that washout charges are business income, not speculative income. Even if speculative, it would be...

In the present case, the Income Tax Appellate Tribunal (ITAT) held that when the sale of software (prime) license fees is not taxable, the fees for provisions for other...

Supplementary refund of unutilized input tax credit pertaining to Compensatory Cess - Section 164 of the GST Act empowers the Government to frame rules. Refund of...

Business perquisite - the perquisites of business are taxable under clause (iv) of Section 28 of the Act, which contemplates that the value of any benefit or perquisite - HC

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...

Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

HC set aside ITAT's rectification order under Section 254(2) of Income Tax Act, finding ITAT exceeded its jurisdiction in reviewing income classification. The dispute...

ITAT allowed taxpayer's appeal regarding Tax Collected at Source (TCS) credit for minor child's income clubbed with parent's income. While statutory amendment permitting...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Quantum of transfer of CENVAT Credit to GST - transitional credit - It is obvious that as per first proviso to Section 140(1), only the credit which is admissible as...

CENVAT credit - input service - Business Auxiliary Service relating to sales commission - credit allowed - AT

The High Court held that petitioners are entitled to pay 10% of the disputed GST amount as a pre-condition for filing an appeal by debiting the amount available in the...

Quick Updates: