Expenditure Incurred to Avoid Adverse Effects on Reputation and Cost of Litigation is a Valid Business Exigency Deductible u/s 37 of Income Tax Act: ITAT [Read Order]

By Fathima Karama A.M - On August 20, 2023 2:00 pm - 2 mins read

Expenditure Incurred - Reputation and Cost of Litigation - Cost of Litigation - Income Tax Act - Income Tax - ITAT - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the expenditure incurred to avoid adverse effect on reputation and cost of litigation was a valid business exigency deductible under Section 37 of the Income Tax Act 1961. The assessee, Liberty Shoes Ltd filed a return declaring income. Subsequently, the case was selected…

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