Tag: disallowance u/s 37(1)
Harish Salve gets relief from ITAT. Funding education of Indian law students abroad allowed as business expenditure u/s 37(1) as goodwill measure ABCAUS Case Law CitationABCAUS 3462 (2021) (03) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance of …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
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 …
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 …
Good Work Reward to employee held not constituting bonus u/s 36(1)(ii) and allowable as normal business expenditure u/s 37 of the Act. ABCAUS Case Law Citation:ABCAUS 3078 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Shriram Pistons & Rings Ltd. Vs. Commissioner of Income Tax, (2008) …
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 …
Expenditure incurred on discontinued business unless shown to be incurred for reviving it not allowable under section 37(1) – ITAT ABCAUS Case Law Citation: ABCAUS 2901 (2019) (05) ITAT The sole issue raised by the assessee was the maintainability of the disallowance of expenditure incurred for maintenance …
Loss by shop burglary arisen during the course of business allowed u/s 37(1) even when Insurance company assessed loss at lower amount – ITAT ABCAUS Case Law Citation: ABCAUS 2859 (2019) (04) ITAT This appeal was filed by the assessee against the order of Commissioner of Income Tax …
