Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The ITAT ruled that professional fees paid for drafting patent applications constitute revenue expenditure deductible under s.37(1) as they were incurred in the regular course of business without creating any specific intangible asset. Similarly, translation expenses for software development were held to be revenue expenditure as they were customer-specific, created no new asset, offered no enduring benefit, and were incurred to facilitate sales rather than develop software. Regarding s.14A disallowance, the Tribunal limited the disallowance to Rs.1,210/- (the amount of exempt dividend income earned) following Joint Investment (P.) Ltd., and deleted the remaining disallowance of Rs.1,02,574/-.
The ITAT ruled that professional fees paid for drafting patent applications constitute revenue expenditure deductible under s.37(1) as they were incurred in the regular course of business without creating any specific intangible asset. Similarly, translation expenses for software development were held to be revenue expenditure as they were customer-specific, created no new asset, offered no enduring benefit, and were incurred to facilitate sales rather than develop software. Regarding s.14A disallowance, the Tribunal limited the disallowance to Rs.1,210/- (the amount of exempt dividend income earned) following Joint Investment (P.) Ltd., and deleted the remaining disallowance of Rs.1,02,574/-.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
