INCOME TAX

Share issue exp. remains a capital expenditure even if SEBI disapproves of issue of shares; no sec. 37(1) allowance

Share issue expenses cannot be allowed as revenue expenditure even when shares could not be issued due to non-approval by SEBI In the instant case the assessee incurred expenditure for…
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Section 40(b)

Amounts not deductible – Partnership - Remuneration to Partners - CBDT Circular, which specifies that for section 40(b)(v), the partnership deed should specify the remuneration, is invalid.Ø Section 40(b)(v) allows a…
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