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I-T department moves HC against Flipkart's ITAT ruling
BENGALURU: The income tax (I-T) department has taken Walmart-owned Flipkart to high court over its Rs 110-crore demand.
The case relates to the treatment of discounts as capital expenditure instead of revenue expenditure, according to court listings reviewed by TOI.
The tax demand here is for the financial year 2015-16, which has now got into another legal wrangle.
In simple terms, under I-T laws, if an expenditure results in an enduring benefit, it is to be capitalised.
The current ruling from the ITAT is in our favour. | To read full story, visit https://startuparound.com/read/1582171205.4650726/I-T-department-moves-HC-against-Flipkart's-ITAT-ruling?ref=audio_experience
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By Startup AroundBENGALURU: The income tax (I-T) department has taken Walmart-owned Flipkart to high court over its Rs 110-crore demand.
The case relates to the treatment of discounts as capital expenditure instead of revenue expenditure, according to court listings reviewed by TOI.
The tax demand here is for the financial year 2015-16, which has now got into another legal wrangle.
In simple terms, under I-T laws, if an expenditure results in an enduring benefit, it is to be capitalised.
The current ruling from the ITAT is in our favour. | To read full story, visit https://startuparound.com/read/1582171205.4650726/I-T-department-moves-HC-against-Flipkart's-ITAT-ruling?ref=audio_experience