Answers On Topic: capital or revenue
Whether imposition of tax on subsidy and concessions under amended provision of section 2(24)(xviii) (Finance Act 2015)
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Assessee "A" is an Individual engaged in the business of construction. Assessee is owner of land which is held as stock in trade having potential of 120000 sq. Ft saleable aera. He was in search of person who is having knowledge of development of big project and also have infrastructure as well as funds say "B" Both the parties "A and B" enter in to partnership to develop the said project in the year 2017. A is going to introduced the land in the firm and B is going to invest funds as well as his infrastructure for development as…
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Assessee is a Private limited co engaged in manuf of dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of Mega Project under the Package Scheme of Incentives, 2007, ('PSI'). As per the Eligibility Certificate, assessee co shall be entitled to: a.Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. b.100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. c.Industrial Promotion Subsidy (`IPS') equivalent to…
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Company "A" has assigned the loan (a fully written-off loan account) to the NBFC in the year 2021 at a discounted value (lower value as compared to the original debt obligation). The loan was taken over by NBFC because NBFC is hope full of that it will recover the higher amount in the future. The Borrower against the loan (original debt) has allotted redeemable preference shares (RPS) of Rs 100/- each at par to the NBFC. The Borrower's net worth pre-allotment of RPS is negative. The query is What will be the tax impact on NBFC when the loan is…
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Treatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax ActTreatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax Act
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There is only one Block Of Assets in case of a assessee. This block consists of only one car ,the WDV of the same is Rs. 5,00,ooo as on 1-4-2021.The said car is lost by way of theft on 5-9-2021. The said car is not insured at all. The above said amount of Rs. 5,00,000 will be considered as Business Loss or Short Term Capital Loss.
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Whether professional fee paid to obtain Private Equity is a revenue expenditure?.
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Subsidy , Capital or Revenue , Whether income chargeable to tax