Allowability of expenses
This query is : Resolved
11 July 2012
Whether the following expenses incurred in case of Pvt Ltd. Co.are allowable as per I t Act or not as under:-
i) Interest on CENVAT taken on Capital Goods which were wrongly availed & reversed in Excise Records as per law but not utilized till date.
ii) Foreign Travelling Expenses incurred related to Consultant who also went with Director of Co to Taiwan (China) for Machinery inquiry purposes but the same could not be materialized.
i) Interest on CENVAT taken on Capital Goods which were wrongly availed & reversed in Excise Records as per law but not utilized till date.
ii) Foreign Travelling Expenses incurred related to Consultant who also went with Director of Co to Taiwan (China) for Machinery inquiry purposes but the same could not be materialized.
11 July 2012
FTE may be allowable because it has a direct nexus with business activities ... but since these incurred for procurement of capital euuipment, but not materialized hence ambiguity avbl... wait for other views...
reg- lokesh
reg- lokesh
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
