Wednesday, October 28, 2020

Exp. incurred on a project which was never put to use & subsequently abandoned to be treated as revenue in nature

INCOME TAX : Where assessee was developing a new software platform but such new platform was abandoned during subsequent financial year due to rapid change in technology, expenditure incurred by assessee could not be treated as capital expenditure incurred for development of a new product giving enduring benefit to assessee

from www.taxmann.com Latest Case Laws https://ift.tt/3jBA62u

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...