Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
The case involves the disallowance of expenditure incurred during business setup. The Appellate Tribunal clarified that setup of business is distinct from commencement of business. Expenses post-setup are allowable even if no revenue is generated. The gestation period for business like the assessee's is long. The Tribunal held that actual business income generation is not essential for claiming business expenditure, focusing on whether the business is set-up. The Tribunal allowed revenue expenditure claimed post-setup date. Depreciation was allowed based on setup date. Disallowance of bonus under u/s 43B/36 was overturned as bonus is part of CTC and not profits. Addition on Short-Term Capital Gains was upheld as gains were offered under 'income from other sources' not as capital gains.
The case involves the disallowance of expenditure incurred during business setup. The Appellate Tribunal clarified that setup of business is distinct from commencement of business. Expenses post-setup are allowable even if no revenue is generated. The gestation period for business like the assessee's is long. The Tribunal held that actual business income generation is not essential for claiming business expenditure, focusing on whether the business is set-up. The Tribunal allowed revenue expenditure claimed post-setup date. Depreciation was allowed based on setup date. Disallowance of bonus under u/s 43B/36 was overturned as bonus is part of CTC and not profits. Addition on Short-Term Capital Gains was upheld as gains were offered under 'income from other sources' not as capital gains.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
