Daily Archives: July 29, 2015

Preoperative expenses are Revenue expenses if

By | July 29, 2015

  Question : Whether the Preoperative Expenses are Revenue expenses if company expanded its existing business?   Answer : Where assessee company expanded its existing business and claimed said expenses as pre-capitalisation cost, same was to be treated as revenue expenditure HIGH COURT OF DELHI Commissioner of Income-tax v. SRF Ltd. S. RAVINDRA BHAT AND R.… Read More »

Inherited property Capital Gain Calculation

By | July 29, 2015

Question : How to Calculate Capital Gain in case of inherited property ? Answer : Capital gain in case of inherited property is to be computed by taking CII of the year in which asset is acquired by previous owner   As per section 49 where capital asset became property of assessee by succession or inheritance, then… Read More »