Income Tax Deduction not Available on Expenditure Incurred for Overseeing Project of Holding Company: Telangana HC [Read Order]

The court held that the amount incurred by the appellant company cannot be considered a revenue expenditure of the appellant company and is thus not eligible for reduction under Section 37 of the Income Tax Act, 1961
Income Tax - Income Tax Deduction - Telangana HC - Holding Company - Overseeing Project - Income tax updates - taxscan

In a significant case, the Telangana High Court has held that income tax deductions cannot be availed on expenditures incurred for overseeing the project of holding a company. The bench noted that the expenditure sought to be deducted was incurred for overseeing the project of the holding company. In order to be deductible as a…

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