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No sec. 35AB deduction if shares were allotted to parent company as consideration for acquiring know-how

October 9, 2018[2018] 98 taxmann.com 53 (Pune - Trib.)
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IT : Where assessee acquired know-how from MBAG but, in consideration, allotted shares to its parent company DBAG, since assessee had neither paid nor allotted shares to supplier of know-how MBAG, deduction under section 35AB could not be allowed

IT : Travelling expenses for expatriate experts who came for period of 2 to 3 years and returned after contact period was over was business expenditure; not capital expenditure

IT : Where travelling expenses incurred by employees were booked against vouchers duly supported by tickets and same was for business of assessee, ad hoc disallowance of 10 per cent was arbitrary

IT : Where it was not shown that any part of telephone expenses were for personal expenses and said expenditure was allowed in its entirety in earlier years, ad hoc disallowances in current year was not justified

IT : Writing off of capital work-in-progress to be allowed after verification of genuineness of expenditure made for abandoned project

IT : Club expenses being incurred for staff welfare and business purpose would be allowable; personal expenses of employees or non-employees would not be allowable

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