BUSINESS EXPENDITURE ::

Last updated: 20 October 2007

Court :
HC

Brief :
Held by the Hon`ble Bench that as turnover charges levied by the SEBI are not one time license fees, it is to be paid every year on the basis of percentage of turnover, thus it is in the nature of expenditure covered by the provision of section 43B of Income-tax Act,1961

Citation :
I.T.O. Vs. Sureshchand Jain

Business Expenditure I.T.O. Vs. Sureshchand Jain 08/31/2005 (2006) 284 ITR (AT) 160 Case Fact: Whether turnover charges payable to SEBI are covered u/s 43B for claiming business deduction? Decision: Held by the Hon`ble Bench that as turnover charges levied by the SEBI are not one time license fees, it is to be paid every year on the basis of percentage of turnover, thus it is in the nature of expenditure covered by the provision of section 43B of Income-tax Act,1961