Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Business-expenditure deductibility after transfer of a branch undertaking depends on whether retained statutory assets and related expenditure continued to serve the business. The phrase "for the purpose of business" extends to acts incidental to carrying on business, but substantial legal and professional expenses cannot be allowed without complete particulars on their nature, purpose, and connection with business operations. Where those facts have not been examined, the disallowance requires fresh factual verification. The expenditure claim was remitted for de novo assessment, with the disallowance set aside for reconsideration in accordance with law.
Business-expenditure deductibility after transfer of a branch undertaking depends on whether retained statutory assets and related expenditure continued to serve the business. The phrase "for the purpose of business" extends to acts incidental to carrying on business, but substantial legal and professional expenses cannot be allowed without complete particulars on their nature, purpose, and connection with business operations. Where those facts have not been examined, the disallowance requires fresh factual verification. The expenditure claim was remitted for de novo assessment, with the disallowance set aside for reconsideration in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
