Allowability of interest on borrowed funds advanced to subsidiary company Posted: 21 Sep 2009 07:44 PM PDT 
SUMMARY OF CASE LAW Where funds have been advanced by the assessee to its subsidiary company on the ground of commercial expediency, the assessee would be entitled to claim deduction of interest on borrowed loans. CASE LAW DETAILS Decided by: ITAT,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | Payments made to retiring partners not allowable as it is application of firms income Posted: 21 Sep 2009 07:39 PM PDT 
SUMMARY OF CASE LAW The expenditure incurred by the assessee by way of payments to the retiring partners is only an application of its income, which is on capital account and not allowable as a deduction. CASE LAW DETAILS Decided by: ITAT, MUMABI... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | Allowability of depreciation on stock exchange membership card Posted: 21 Sep 2009 07:26 PM PDT 
SUMMARY OF CASE LAW Depreciation under section 32 is intended to a limited category of intangible assets and not to a wider category thereof; therefore, the expression `licences' in section 32(1)(ii) must be construed restrictively so as to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | Renovation expenses incurred on leased premises and Allowability of same as revenue Posted: 21 Sep 2009 07:24 PM PDT 
SUMMARY OF CASE LAW In order to claim deduction of an expenditure as revenue which otherwise gives enduring advantage, the onus is on assessee to prove that the ownership of the property even during subsistence of lease, vests with the lessor and.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | Co-operative credit society is not a co-operative bank and not entitled to any deduction under section 80P(2)(a)(i) as a bank Posted: 21 Sep 2009 07:02 PM PDT 
SUMMARY OF CASE LAW A primary agricultural co-operative credit society is not a co-operative bank and therefore, not entitled to any deduction under section 80P(2)(a)(i) as a bank; but as it is a primary co-operative credit society, it may be.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | Ayurvedic doctor can claim deduction under section 80R even if he was not having permission to practice in foreign country Posted: 21 Sep 2009 06:46 PM PDT 
SUMMARY OF CASE LAW A teacher can teach any subject in which he has proficiency and need not be employed as a teacher in a school or a college to get into the definition of `teacher'; if somebody uses his expertise and knowledge on a specific... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | IT exemption u/s 11 cannot be denied merely on the grounds that the assessee serves alcohol in the club Posted: 21 Sep 2009 06:22 PM PDT 
SUMMARY OF CASE LAW If the activities undertaken by the trust are undisputably for the well being of a section of the public at large, it meets the requirements of both the expressions i.e. `general public' and the `general public... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  | Is it time to migrate to LLP Structure? Posted: 21 Sep 2009 05:49 PM PDT 
The Union Budget 2009 presented by the Hon'ble Finance Minister, Mr. Pranav Mukherjee , inter alia also provided the much awaited tax treatment for the new corporate business vehicle viz., Limited Liability Partnerships ("LLP"). With this proposal,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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