Tag: revenue capital expenditure
Security deposit given for renting a premise could not be treated as revenue expenditure when the deposit if foregone – Supreme Court dismissed SLP. ABCAUS Case Law Citation:ABCAUS 3779 (2023) (07) SC Important Case Laws relied upon:Commissioner of Income Tax vs. Triveni Engg. & Industries Ltd. 343 ITR …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
Mesne profits and interest on mesne profits awarded by Court for unauthorised occupation by tenant taxable tax u/s 23(1) ABCAUS Case Law CitationABCAUS 3419 (2020) (11) HC Important case law relied upon by the parties:CIT vs. P. Mariappa Gounder 147 ITR 676CIT vs. Smt. Leela Ghosh 205 ITR …
Training Expenses on company executive revenue in nature not capital as the workforce can move out any time-ITAT ABCAUS Case Law CitationABCAUS 3400 (2020) (10) ITAT Important case law relied upon by the parties:ST Ericsson India Pvt. Ltd.CIT vs. Munjal Showa Ltd. In the instant case, the assessee …
Expenditure on ERP Software allowed as Revenue in nature despite being treated as deferred revenue expenditure in the books of accounts ABACUS Case Law CitationABCAUS 3362 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Associated Cement Companies Ltd: 172 ITR 257 (SC)Alembic Chemical Works …
Hoarding expenses allowed as revenue in nature and not capital. Hoardings are subjected to vagaries of rain, storm, damages etc. and part normal activities of advertisements and publicity business. ABCAUS Case Law Citation: ABCAUS 2986 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: M/s Empress …
Front end fees paid to bank for obtaining new loan is revenue expenditure by nature and the assessee is entitled to amortize it – High Court ABCAUS Case Law Citation: ABCAUS 2889 (2019) (04) HC Important Case Laws Cited/relied upon by the parties Madras Industrial Investment Corporation Ltd. …
Expenditure on Construction and improvement on leased building-Revenue or capital. Enduring benefit cannot be a conclusive test and it cannot be mechanically applied-High Court Prelude: Section 29 of the Income tax Act, 1961 (the Act) provides that the profits and gains of business or profession shall be computed …
Calcutta High Court in a recent judgment has held that expenditure incurred for software development was capital expenditure Case Details: ITA No. 278 OF 2007 Indian Aluminium Co. Ltd Versus Commissioner of Income Tax-III Kolkata Date of Judgment: 18/03/2016 Question of Law: Whether on the facts and in the …
