Disallowance of Interest on TDS u/s 37(1) is outside the purview of Section 143(1). ITAT allows interest as business expenditure…
It is impossible to maintain list of gifts given and demonstrate that a particular sales order was received as a…
TDS payable as at year end is allowable expenditure in cash basis of accounting. it can not be said that…
A company cannot have any personal expenditure. ITAT deleted ad hoc disallowance on vehicle running and maintenance expenditure ABCAUS Case…
If business not closed down, expenses allowed u/s 37(1) even if turnover was low as it was temporary lull which…
Assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss u/s 28 of…
Kind of expenditure a legal professional can legitimately and justly claim is entirely different from basic expenditure a commercial entity…
ITAT explain the expression wholly and exclusively used in section 37. ‘Wholly” relates to quantification and “exclusively” refers to the…
Penalty imposed by Supreme Court for illegal mining held compensatory in nature and allowed as business expenditure u/s 37(1) of…
Voluntarily charity not business expenditure u/s 37(1). Mere assertion that it was incurred for business cannot be accepted without establishing…