Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
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 
