Revenue Expenditure

Supreme Court clarifies revenue expenditure deduction for exchange fluctuation losses in finance business: Wipro Finance Ltd. vs. Commissioner of Income Tax (2022) INSC 387 (12 April 2022)

/ A.M. Khanwilkar, Abhay S. Oka, C.T. Ravikumar, Income Tax Act, 1961, Income Tax Act, 1961 with Section 254, Income Tax Act, 1961 with Section 37, Judges, Revenue Expenditure

Supreme Court Clarifies Revenue Expenditure Deduction for Exchange Fluctuation Losses in Wipro Finance Case LEGAL ISSUE: Whether losses due to exchange rate fluctuations on foreign currency loans used for business purposes can be considered revenue expenditure and thus be eligible for deduction under Section 37 of the Income Tax Act, 1961. CASE TYPE: Income Tax […]

Supreme Court clarifies revenue expenditure deduction for exchange fluctuation losses in finance business: Wipro Finance Ltd. vs. Commissioner of Income Tax (2022) INSC 387 (12 April 2022) Read Post »

Technical Know-How Fees: Supreme Court Classifies as Capital Expenditure in Honda Siel Cars Case (2017)

/ A.K. Sikri, Ashok Bhushan, Capital Expenditure, Income Tax Act, 1961, Income Tax Act, 1961 with Section 148, Judges, Revenue Expenditure

LEGAL ISSUE: Whether technical know-how fees paid for setting up a new manufacturing plant should be treated as revenue or capital expenditure. CASE TYPE: Income Tax Law Case Name: Honda Siel Cars India Ltd. vs. Commissioner of Income Tax, Ghaziabad Judgment Date: 9th June 2017 Introduction Can payments made for technical know-how be considered a

Technical Know-How Fees: Supreme Court Classifies as Capital Expenditure in Honda Siel Cars Case (2017) Read Post »

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