Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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...
The expenses incurred towards municipal taxes, maintenance, and repairs of guest-house could not be allowed as a deduction, following the Supreme Court's decision in Britannia Industries Ltd. The expenditure on provision of food, beverages, and employee salaries for providing these at the rest/guest house was considered "entertainment expenditure" u/s 37(2A) and Explanation 2, and hence not deductible. However, 50% of the expenses incurred in organizing a conference for dealers were allowed as business expenditure. Expenses incurred in buying presentation articles were held as allowable deductions, being considered advertisement expenses.
The expenses incurred towards municipal taxes, maintenance, and repairs of guest-house could not be allowed as a deduction, following the Supreme Court's decision in Britannia Industries Ltd. The expenditure on provision of food, beverages, and employee salaries for providing these at the rest/guest house was considered "entertainment expenditure" u/s 37(2A) and Explanation 2, and hence not deductible. However, 50% of the expenses incurred in organizing a conference for dealers were allowed as business expenditure. Expenses incurred in buying presentation articles were held as allowable deductions, being considered advertisement expenses.
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