Case: M/s NIIT Limited v. The DCIT, New Delhi Background Assessee is a public limited company engaged in the business of information technology education and knowledge solutions.The assessee filed returns of income for the year 2009-2010 declaring INR 25.81Cr as income and claimed a deduction of INR 50,09,835 in respect of payment of the principal … Continue reading Can the principal payment which has been made towards the finance lease be considered as revenue expenditure?
In continuation of our series on Per Incuriam cases, today we look into two situations which present very intriguing questions of law related to genuineness of a partnership firm and the age old tax problem of distinction between capital and revenue expenditure. You can read the earlier parts here - I, II, III and IV … Continue reading Per Incuriam Cases – V
The question about the nature of expenditure has always been a highly contested issue in tribunals and courts in India. Characterising an expenditure as revenue or capital has tax implications. Revenue expenditure is taken into account while computing taxable profits and would be eligible for a tax deduction whereas on capital expenditure only depreciation can … Continue reading Capital Expenditure vs Revenue Expenditure