Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The article discusses tribunal treatment of several business...
Business deductions and transfer pricing issues: tribunal treatment of software write-offs, donation receipts, warranty provisions, and related expenses.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The article discusses tribunal treatment of several business deduction issues: obsolete software licences were written off as no longer relevant to business use, so the write-off was accepted; section 80G deduction was allowed where donations were made by cheque or RTGS and receipts were supported despite technical defects; an ad hoc disallowance of trade payables was rejected because creditor details and payments were evidenced; bank guarantee charges were treated as revenue expenditure incurred for business purposes; royalty and technical service fees relating to international transactions were assessed through transfer pricing procedures; and a warranty provision was accepted as deductible when based on a scientific estimate and contractual obligation.
The article discusses tribunal treatment of several business deduction issues: obsolete software licences were written off as no longer relevant to business use, so the write-off was accepted; section 80G deduction was allowed where donations were made by cheque or RTGS and receipts were supported despite technical defects; an ad hoc disallowance of trade payables was rejected because creditor details and payments were evidenced; bank guarantee charges were treated as revenue expenditure incurred for business purposes; royalty and technical service fees relating to international transactions were assessed through transfer pricing procedures; and a warranty provision was accepted as deductible when based on a scientific estimate and contractual obligation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
