S. 37(1) : Business expendirure-Amortisation of preliminary expenses-Capital or revenue expenditure-Expenditure in connection with increase in authorised capital-Not allowed as revenue expenditure-Assessee cannot capitalise it and claim depreciation thereon-Mercantile system of accounting-Interest to be taxed on accrual basis. [S. 32, 35D, 37(1), 145]
S. 37(1) : Business expenditure- Equity Stock Option Plan-ESOP expenses-Failure to consider the submissions-Matter remanded.[S. 17(2)(vi(c),192]
S. 37(1): Business expenditure-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction-Bogus purcahses-Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases.-Delay of 177 days was condoned. [S. 133(6), 254(1)]
S. 37(1): Business expenditure-Commercial expediency-Professional and consultancy charges-Matter remanded.
S. 37(1): Business expenditure-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction-Bogus purchases-Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases.-Delay of 177 days was condoned. [S. 133(6), 254(1)]
S. 37(1) : Business expenditure-Reimbursement of service tax-Commercial expediency —Allowable as revenue expenditure.
S. 37(1) : Business expenditure-Free samples and distribution of infant and children’s nutrition food-Not allowable as deduction-Expenditure incurred on arranging conferences and seminars-Not allowable as deduction.[Infant Milk Substitutes, Feeding Bottles and Infant Foods (Regulation of Production, Supply and Distribution) Act, 1992 (Relevant Act),S. 4]
S. 37(1) : Business expenditure-Capital or revenue-Capital asset-Payment to its Indian counterpart for acquiring part of its business relating to debt collection service-Expenditure incurred for acquiring completely new business set up was income generation tool-Capital in nature.[S. 32]
S. 37(1): Business expenditure-Commercial expediency-Professional and consultancy charges-Matter remanded.
S. 37(1): Business expenditure-Commercial expediency-Professional and consultancy charges-Matter remanded.