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Business Expenditure

No Disallowance of Business Expenses for Service Charges Collected from Tenant under the Head "Income from Business":ITAT [Read Order]

Ipsita Das

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT),held that the service charges collected from the tenant were accepted as assessable under...

ITAT deletes Addition u/s 37(1) of written off Amount Treated as Business Expenditure [Read Order]

No Disallowance to Chargeable sum paid to Foreign Company without Deduction of Tax: ITAT [Read...

Interest Paid on Borrowing by Assessee carrying out Business in Investing in Shares Allowable as...

Ceremonial Expenses performed as part of Tradition shall be Allowable as Business Expenditure: ITAT...

Road Construction Expenses Incurred to provide Easy and Smooth Access from Highway to Factory Allowable as Business Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, has recently, in an appeal filed before it, held that road construction expenses incurred to provide easy and smooth access from highway to...

Generation of Business Income Not Necessary to Claim Business Expenditure: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that the generation of business income is not necessary to claim business expenditure. Assesse Zhilmil Electronics Pvt....

Premium paid by Company towards Life Insurance Policy of Director in Individual Capacity Not “Business Expenditure”: ITAT [Read Order]

Income Tax Appellate Tribunal ( ITAT ) Pune Bench ruled that the premium paid by the company towards the Life Insurance Policy of the Director in individual capacity is not Business Expenditure. ...

Provision for Warranty Expenses is ascertained liability, allowable as Business Expenditure: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the provision for Warranty Expenses is ascertained liability and is allow able as business expenditure. M/s.Trivitron...

Professional Fee paid to EY Deductible as Business Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench has held that professional fee paid to Earnest & Young deductible as business expenditure. The assessee Anchor Health & Beauty Care...

Interest on Loans obtained for Own Business Purposes Constitutes Business Expenditure, Deduction Allowable: ITAT [Read Order]

The Income Tax Appellate Tribunal ‘A’ bench, Chennai, has recently, in an appeal filed before it, held that interest on loans obtained for own business purposes constitutes business expenditure and...

Educational Expenses of Daughter of Assessee not to be Considered as Incurred for Purpose of Business by Assessee’s firm: ITAT denies Claim [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal(ITAT), in a recent ruling in favour of the Revenue has held that, the educational expenses incurred for the daughter of the assessee’s firm...

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