Tribunal adjudicated on ad hoc disallowances of expenses debited ...

Tribunal Rules in Favor of Assessee: Disallows Expense Claims, Removes Interest and Salary Disallowances, Allows Section 80IC Deduction.

July 15, 2024

Case Laws Income Tax AT

Tribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary from Ozone Pharmaceuticals Ltd., deduction u/s 80IB/80IC, and disallowance of selling/distribution expenses. Disallowances were deleted as unsustainable without adverse material. Interest disallowance deleted as borrowed funds utilized for working capital. Salary disallowance deleted as no salary received. Deduction u/s 80IC allowed as conditions satisfied. Selling/distribution expenses disallowance restricted to 10% instead of 25%. Tribunal decided in favor of assessee against revenue on various grounds.

View Source

← Previous Next →

Tribunal adjudicated on ad hoc disallowances of expenses debited ...

Tribunal Rules in Favor of Assessee: Disallows Expense Claims, Removes Interest and Salary Disallowances, Allows Section 80IC Deduction.

July 15, 2024

Case Laws Income Tax AT

You may also like:

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

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

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

ITAT upheld deletion of interest expense disallowance where assessee provided interest-free advances while having interest-bearing loans. The advances were given with...

Transfer pricing adjustment on export commission paid to related party disallowed based on assessee's own case demonstrating benefits and higher profitability. Royalty...

ITAT ruled AMP expenses did not constitute international transaction under Section 92B, as Revenue failed to establish existence of arrangement between assessee and AE...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Non-resident individual seconded on overseas assignment to UK - Salary received for employment exercised in UK taxable only in UK under Article 15(1) of India-UK DTAA,...

The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

The ITAT reversed the CIT(A)/NFAC's disallowance of interest expenses claimed under section 57(iii). The Tribunal held that the appellant had successfully established...

Disallowance of various expenses on ad hoc basis - While scrutinizing the expenditure if the expenses claimed are not having any nexus to the business of the assessee or...

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

The Appellate Tribunal considered unexplained cash deposits during demonetization. The Tribunal noted the assessee's agricultural income and expenses but found...

Quick Updates: