Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
The note addresses tax deductibility of business expenses where liability crystallises in the relevant previous year but payment occurs later. It states the principle that expenses incurred wholly and exclusively for business are deductible in the year the liability crystallised; subsequent payment does not defeat deduction if records show liability and tax deducted at source. Applying this to compression and blasting expenses, the author concludes these expenses were business-related, liability had crystallised in the relevant previous year, and therefore deduction for the assessment year was justified.
The note addresses tax deductibility of business expenses where liability crystallises in the relevant previous year but payment occurs later. It states the principle that expenses incurred wholly and exclusively for business are deductible in the year the liability crystallised; subsequent payment does not defeat deduction if records show liability and tax deducted at source. Applying this to compression and blasting expenses, the author concludes these expenses were business-related, liability had crystallised in the relevant previous year, and therefore deduction for the assessment year was justified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
