Allowable expenses or disallowable under income tax
This query is : Resolved
24 December 2013
Dear Sir/Madam
We had made a cash payment around 1 lakh on the airport as a extra luggage charges whether such expenditure is allowable or disallowed.
if allowable expenses then under which circumstances it shall be allowable.
Thnks
Regards
Adnan Momin
We had made a cash payment around 1 lakh on the airport as a extra luggage charges whether such expenditure is allowable or disallowed.
if allowable expenses then under which circumstances it shall be allowable.
Thnks
Regards
Adnan Momin
24 December 2013
may be yes. where it is not possible to make payment via cheque, online transfer or card swipe, the expense should be allowed.
25 December 2013
Thnks
But Income tax has not been defined such thing
But Income tax has not been defined such thing
25 December 2013
Dear Friend,
That is why I said "may be." It often happen in the income tax act that certain possibilities are not covered. In such cases you need to argue on the facts of the case and demonstrate the exigency involved. All the case laws you read are where the assessee was able to go beyond the settled position and argue his/her own case.
That is why I said "may be." It often happen in the income tax act that certain possibilities are not covered. In such cases you need to argue on the facts of the case and demonstrate the exigency involved. All the case laws you read are where the assessee was able to go beyond the settled position and argue his/her own case.
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