Verification of intangible software expenditure and duplicated disallowances requires record-based reassessment before depreciation and income computa...
Cash receipt aggregation requires a single transaction, event or occasion; separate partner capital contributions cannot attract cash-receipt penaltie...
Unrecovered amounts arising from a chit foreman's obligation to make good subscriber defaults qualify for deduction as bad debts or, alternatively, business losses. Consistent allowance of interest on security deposits and commission and gifts paid to associated entities should continue where facts, legal position and operating arrangements remain unchanged. Royalty for a non-exclusive, non-transferable logo licence, without ownership or acquisition of an enduring asset, is revenue expenditure. Overdraft-interest disallowance is unwarranted where surplus funds are sufficient to make interest-free advances.
Unrecovered amounts arising from a chit foreman's obligation to make good subscriber defaults qualify for deduction as bad debts or, alternatively, business losses. Consistent allowance of interest on security deposits and commission and gifts paid to associated entities should continue where facts, legal position and operating arrangements remain unchanged. Royalty for a non-exclusive, non-transferable logo licence, without ownership or acquisition of an enduring asset, is revenue expenditure. Overdraft-interest disallowance is unwarranted where surplus funds are sufficient to make interest-free advances.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4923 
