Non-compete fee: Revenue or capital expenditure? Supreme Court explains
“Non-compete fee only seeks to protect or enhance the profitability of the business, thereby facilitating the carrying on of the business more efficiently and profitably.”
Capital Expenditure
Expenditure on Overburden Removal is Capital Expenditure, hence not deductible under S. 37(1) of Income Tax Act: MP High Court
‘Employee and community welfare expenditures incurred under statutory obligations or National Coal Wage Agreements are allowable business expenses under Section 37(1), being commercially expedient.’
Assessee cannot claim deduction by merely stating a bad debt as an irrecoverable write off without appropriate treatment in the accounts and non-compliance with Income Tax Act provisions: SC
Supreme Court: In the case where the Revenue had challenged Bombay High Court’s judgment affirming Income Tax Appellate Tribunal (ITAT)’s order for
Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending in economy to fight slow down due to COVID-19
The proposals presented today by the Finance Minister are designed to stimulate spending in a fiscally prudent manner as some of the