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Salary expenditure is deductible only when actually incurred wholly and exclusively for business, supported by evidence of genuine employment, services, payment and commercial need. Third-party search statements may be used as evidence, but a retracted and uncorroborated statement should not alone sustain disallowance where the taxpayer lacks meaningful disclosure and an effective chance to rebut or cross-examine it. Retraction is not conclusive: a statement can retain weight if voluntary, corroborated, disclosed and assessed without demonstrable prejudice. A fact-specific 10% salary disallowance was sustained after the taxpayer sought closure, not as a general percentage rule. Contemporaneous employment and work-product records remain material.
Salary expenditure is deductible only when actually incurred wholly and exclusively for business, supported by evidence of genuine employment, services, payment and commercial need. Third-party search statements may be used as evidence, but a retracted and uncorroborated statement should not alone sustain disallowance where the taxpayer lacks meaningful disclosure and an effective chance to rebut or cross-examine it. Retraction is not conclusive: a statement can retain weight if voluntary, corroborated, disclosed and assessed without demonstrable prejudice. A fact-specific 10% salary disallowance was sustained after the taxpayer sought closure, not as a general percentage rule. Contemporaneous employment and work-product records remain material.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
