Tag: allowability 37(1)
Pooja Expenses incurred allowable business expenditure under section 37 of the Income Tax Act, 1961 – ITAT In a recent judgment, ITAT Nagpur has held that Pooja Expenses incurred were allowable business expenditure under section 37 of the Income Tax Act, 1961. ABCAUS Case Law Citation:4311 (2024) (11) …
Commercial expediency – Expression “for the purposes of the business” is wider than “for the purpose of earning profits” – ITAT In a recent judgment, Ahmedabad ITAT has allowed an expenses u/s 37(1) considering Commercial expediency holding that the expression given in section 37 “for the purposes of …
Late fee on TDS payments and payment of interest on GST is allowable expenditure u/s 37 of the Income Tax Act – ITAT In a recent judgment, the ITAT Chennai has held that late fee paid on TDS payments and interest on late payment of GST is allowable …
Loss incurred for any purpose which is an offence or which is prohibited by law is not deductible irrespective of legality or illegality of the business – Supreme Court ABCAUS Case Law Citation:ABCAUS 3717 (2023) (04) SC Important Case Laws relied upon:CIT vs. Piara Singh 124 ITR 41Haji …
Tax paid in foreign country not eligible for benefit u/s 91 is expenditure eligible for deduction under section 37(1) of the Act – ITAT ABCAUS Case Law CitationABCAUS 3289 (2020) (03) ITAT Important case law relied upon by the parties:Reliance Infrastructure Ltd versus CIT 390 ITR 271Hindustan Construction …
Repairs to preserve and maintain already existing asset and to improve its longevity eligible eligible as current repairs ABCAUS Case Law Citation: ABCAUS 3015 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. M/s MAC Charles (India) Ltd. CIT vs. TS Tech Sun India …
Disallowance u/s 37(1) for pan masala seized deleted following SC decision that Explanation 1 apply to business expenses not to business losses ABCAUS Case Law Citation: ABCAUS 2979 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: T.A. Quereshi Vs. CIT (2006) 286 ITR 547 The …
Disallowance u/s 37 for penalty/demurrage for late delivery of goods not for any offence prohibited by law but merely normal business expenditure – ITAT ABCAUS Case Law Citation: ABCAUS 2924 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Mahalakshmi Sugar Mills Co. Ltd. vs. CIT …
Allowability u/s 37(1) of fine /penalty for redemption of goods ordered to be confiscated for breach of import conditions – High Court explains the Law ABCAUS Case Law Citation:ABCAUS 2801 (2019) (02) HC Important Case Laws Cited/relied upon by the parties CIT V/s. Ahmedabad Cotton Mfg. Co Ltd. …
Kind of expenditure a legal professional can legitimately and justly claim is entirely different from basic expenditure a commercial entity can claim – SC dismisses SLP of the assessee ABCAUS Case Law Citation: ABCAUS 2713 (2019) (01) SC Important Case Laws Cited/relied upon: Shanti Bhushan v. Commissioner of …
