Monday, November 29, 2021

General administration amp; selling expenses incurred by assessee cannot be treated as capital expenditure : ITAT

INCOME TAX : All expenses incurred prior to commencement of business are to be treated as pre-operative expenses and expenses incurred which do not form part of work-in-progress like office expenses, salaries, advertising, travelling expenses which are incurred for running of business operations are to be treated as revenue expenditure and allowed as deduction

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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...