5 Replies
PRITAM JAIN, CA , CS
(Practising CA CS)
(398 Points)
Replied 22 May 2012
not at all. its a personal expenses......
CA Preeti Agarwal
(article)
(844 Points)
Replied 22 May 2012
Ya that i know !! but i mean whether it is allowed as business expenditure and how do we treat it in financial statements and also tell me the source of ur answer !!!
regards
CA Preeti Agarwal
(article)
(844 Points)
Replied 23 May 2012
plz also tell me regarding taxability in hands of directtor !!!
PRITAM JAIN, CA , CS
(Practising CA CS)
(398 Points)
Replied 23 May 2012
Hi Preeti,
As you already know that it is a persoanl expenditure and therefore personal expendiure are not allowed under section 37(1) [numuorus case laws are available on it].
This will form part of Perquisite of Directors [Owen v. Pook (1969) 74 ITR 147 (HL)]. Personal benifits are treated as perquisites.
Hope i m clear now
Happy to help
Regards
CA Preeti Agarwal
(article)
(844 Points)
Replied 23 May 2012
| Originally posted by : PRITAM JAIN | ||
 |
Hi Preeti, As you already know that it is a persoanl expenditure and therefore personal expendiure are not allowed under section 37(1) [numuorus case laws are available on it]. This will form part of Perquisite of Directors [Owen v. Pook (1969) 74 ITR 147 (HL)]. Personal benifits are treated as perquisites. Hope i m clear now Happy to help Regards |
|
Yeah thanks !! "perquisite" was the word for my exact question..thanks sir
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