Tag: business expenditure

Insurance premium paid for partner of firm held allowable expenditure as it was incurred as a condition for availing business loan – ITAT In a recent judgment, ITAT Mumbai has held that insurance premium paid on life insurance of partner of the firm was allowable expenditure as it …

Onus lies on assessee to prove amount received from clients towards expenses were actually expended for the purpose intended. In a recent judgment, the ITAT Delhi has upheld that for amount received from clients towards expenses reimbursement, onus lies on assessee to prove that the expenses were wholly …

Advance given for purchase and subsequently written off in Profit and Loss account as bad debts allowed as business expenditure u/s 37(1) In a recent judgment, ITAT Chandigarh allowed deduction under section 37(1) as business expenditure towards advance written off as irrecoverable bad debts, following the Supreme Court …

CBDT enlarges the scope of section 37, to exclude expenditure incurred to settle proceedings under four laws out of business expenditure CBDT has issued notification enlarging the scope of section 37, to exclude from the definition of business expenditure, any expenditure incurred to settle proceedings under four laws …

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) …

Disallowance of Interest on TDS u/s 37(1) is outside the purview of Section 143(1). ITAT allows interest as business expenditure ABCAUS Case Law Citation:ABCAUS 3712 (2023) (04) ITAT Important Case Laws relied upon :M/s. Hebe Infrastructure Pvt. Ltd.M/s. Govindam Clearing Agencies Pvt. Ltd. Vs. DCITDCIT vs.  M/s Narayani …

It is impossible to maintain list of gifts given and demonstrate that a particular sales order was received as a result of a particular gift ABCAUS Case Law Citation:ABCAUS 3330 (2020) (07) ITAT In the instant case, appeal had been preferred by the assessee against order passed by …

TDS payable as at year end is allowable expenditure in cash basis of accounting. it can not be said that the above sum had not been paid by the assessee ABCAUS Case Law Citation:ABCAUS 3152 (2019) (09) ITAT In the instant case, an appeal was filed by the …

A company cannot have any personal expenditure. ITAT deleted ad hoc disallowance on vehicle running and maintenance expenditure ABCAUS Case Law Citation:ABCAUS 3146 (2019) (09) ITAT In the instant case, one of the issue was related to ad-hoc disallowance being 10% of the vehicle repairs and maintenance expenditure. …

If business not closed down, expenses allowed u/s 37(1) even if turnover was low as it was temporary lull which assessee was trying to revive – ITAT ABCAUS Case Law Citation:ABCAUS 3113 (2019) (08) ITAT The instant appeal had been filed by the assessee against impugned order passed …