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Business Expenditure

Income Tax: ITAT deletes Disallowance on Finance Charges [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench deleted the disallowance in respect of the finance charges. The assessee, BP Ferrium...

Relief to Maruti Insurance: Delhi High Court allows Deduction on Business Expenditure [Read Order]

Assessing Authority can’t disallow Business Expenditure incurred in form of Postage, Courier and...

Business Expenditure in form of Postage, Courier and Stationery Charges couldn’t be disallowed:...

Expenditure made in Cash Payments to Agriculturists / Farmers for purchase of land should be...

Interest on Late deposit of VAT, Service Tax, TDS are allowable Business Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the interest paid by the assessee on late deposit of VAT, Service Tax, TDS etc, is not penal in nature, allowable as business...

Conducting Programmes by Pharma Companies for Brand Promotion Expenses is Business Expenditure: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that conducting various programmes by the pharmaceutical companies for the purpose of brand promotion expenses is...

Gifts and Presents by way of Cash can’t be allowed as Business Expenditure: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the gifts and presents given to the customers by way of cash cannot be allowed as business expenditure under the provisions...

Redemption Fine not allowable as Business Expenditure: Bombay High Court [Read Judgment]

A division bench of the Bombay High Court has held that the redemption fine paid to the customs department for violation of law cannot be allowed as business expenditure under Section 37 of the Income...

Rent paid in Cash can’t be allowed as Business Expenses without Details: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that in order to get the deduction for rent paid in cash as business expenditure under the Income Tax Act, the assessee needs to produce...

Vehicle registered in the name of Company Director Eligible for Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench has held that the Company is eligible to get the deduction in respect of the vehicles registered in the name of its Director. The bench...

Liquidated Damages paid for Non-Compliance of Business Obligations are allowable Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) has held that the liquidated damages paid in nature of contractual liability on account of non-compliance of business obligations to customers are allowable as...

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