Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« From the Courts »
Open DEMAT Account in 24 hrs
 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties

Exhibition cost in 1st fiscal too is business expense: ITAT
May, 27th 2008
Companies can treat expenditure incurred on participating in autoexpo and other exhibitions as business expenses and claim tax benefits, the Income Tax Appellate Tribunal has said in a recent decision.

Giving its ruling in a hotly-contested case pertaining to the Indian subsidiary of Austrian auto component company Styler Daimler Puch, ITAT said expenditure on exhibitions are aimed to propagate business and hence cannot be disallowed for claiming tax benefits by the tax department.

"All the expenses were aimed to propagate the assessors business... I accordingly allow the expenses," said ITAT President Vimal Gandhi while turning down the decision of the assessing officer and commissioner of Income Tax (CIT), Pune.

The case pertains to participation of Austrian company`s subsidiary Styler India, within months of formation, in autoexpo 1998, on which the company incurred an expenditure of about Rs 15 lakh.

While the company claimed the amount spent as business expenditure, the assessing officer disallowed it saying it cannot claim deductions as it had yet to start business.

Once it was proved that the expense was incurred after the business was set up, the expenses of revenue nature incurred will become admissible for deduction, the tribunal ruled.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting