« From the Courts » Open DEMAT Account in 24 hrs  Karnataka High Court restrains Bengaluru-based Institute of Chartered Tax Practitioners India from enrolling candidates for its courses  Attachment on Cash Credit of Assessee under GST Act: Delhi HC directs Bank to Comply Instructions to Vacate  Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court  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 «  Filing of appeals by Income-tax Department - Measures for... Income tax appellate tribunal allows tax benefits on... » 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.