INCOME TAX : UPDATES of 29 th Nov. ………... Additions affirmed for loans given to parties with dubious identity and credit worthiness IT : Where assessee-company had given loans to parties whose identity had not been proved, their creditworthiness not established and genuineness of transactions not demonstrated, addition made was justified November 29, 2014[2014] 50 taxmann 368 (HIGH COURT OF DELHI ………….. One time exp. incurred on club membership fees and ISO certification allowable as revenue expenditure; 29th November 2014 IT : One time expenditure incurred by assessee for club membership fee is allowable as business expenditure IT : Expenditure incurred on obtaining ISO 9002 Certificate is to be allowed as revenue expenditure [2014] 50 taxmann 395 (Punjab & Haryana) HIGH COURT OF PUNJAB AND HARYANA ………….. IT : Where assessee had acquired an industrial shed for running a manufacturing business but said sale was set aside by Supreme Court, since assessee was clearly deprived of making future profits by surrendering its profit making structure compensation received against such surrender was to be treated as capital receipt; 29th November 2014 [2014] 50 taxmann 318 (Chandigarh - Trib.) IN THE ITAT CHANDIGARH BENCH B …………….. CA AMRESH VASHISHT,MEERUT 9837515432 ……………..
Posted on: Sat, 29 Nov 2014 08:42:00 +0000
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