Income offered though not received. Entitle to deduction in subsequent year by reversal of entries. Service tax on chartered flight and discount received on PSF\/UDF to government account allowable as deduction in the year of payment.\u00a0 Interest paid on delayed payment of service tax is compensatory in nature hence allowable as deduction.\u00a0 Expenditure incurred for meeting fees paid towards legal services provided by a law firm in relation to proposed issuance of IPO, which was later aborted is allowable as deduction. \u00a0(AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 37(1) : Business expenditure-Prior period expenditure-CENVAT credit on passenger service fee (PSF)\/user development fee (UDF) and advertisement fee was not actually received offered as income-Entitle to deduction in subsequent year by reversal of entries-Service tax on chartered flight service tax on chartered flight-Interest payment for delayed payment of service tax-Allowable as deduction-Legal expenses-Aborted project-Allowable as deduction. [S. 43B] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-22795","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5VF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22795"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22795\/revisions"}],"predecessor-version":[{"id":22796,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22795\/revisions\/22796"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=22795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=22795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}