Read all Latest Updates on and about section 37 of the Income Tax Act

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Corporate Club Membership Fees Incurred for Commercial Expediency Cannot Be Treated as Personal Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, deleted disallowance made towards club membership expenditure after holding that corporate...

₹1.37 Cr ‘Consultancy’ Charges Not Proven as Business Expense: ITAT Upholds Income Tax Disallowance...

Provision for Wage Arrears on Pay Revision Not a Contingent Liability: ITAT Upholds ₹8.50 Cr...

Gratuity Deduction Cannot Be Denied for ITR-TAR Mismatch: ITAT Remands ₹85.25 Lakh Claim for...

Madras HC Allows Deduction u/s 37 of Compensation Paid for Exchange Rate Fluctuation as Business...

Schedule BP Adjustment Ignored: ITAT Sets Aside ₹33.83 Cr Disallowance u/s. 37 & MAT Addition u/s. 115JB [Read Order]

set aside a disallowance of ₹33.83 crore made under Section 37 of the Income TaxAct, 1961, along with the corresponding addition to book profits under Section 115JB, after noting that the Assessing...

Purchases cannot be Disallowed Merely on Employee Statements without Evidence: ITAT Deletes 12.5% Ad-Hoc Disallowance [Read Order]

The Mumbai Bench of Income Tax Appellant Tribunal (ITAT) deleted ad-hoc disallowance calculated at 12.5% of the total purchase value, holding that employee statements recorded a decade after the...

Kerala HC Disallows Deduction u/s 37 for Interest on Agricultural Income Tax Payment Delays [Read Order]

The Kerala High Court has dismissed an appeal ruling that interest paid on delayed Agricultural Income Tax (AIT) payments cannot be claimed as a business deduction under section 37 of the Income Tax...

Delhi HC Upholds ITAT Order Allowing Deduction of Goodwill License Fee u/s 37 [Read Order]

The Delhi High Court has upheld an order by the Income Tax Appellate Tribunal (ITAT) allowing the deduction of a license fee paid for the use of goodwill under Section 37 of the Income Tax Act, 1961....

Marketing Expenses are Revenue Expenditure u/s 37 of Income Tax Act: ITAT deletes ₹2.16 Cr Disallowance [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) bench recently ruled that marketing expenses can be considered revenue per Section 37 of the Income Tax Act. The assessee, ARI...

Disallowance of ₹3.07 Crores for Contingent Liabilities: ITAT Quashes as Expenses Not Claimed in P&L [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT)quashed the disallowance of ₹3.07 Crores for contingent liabilities, including ₹1.37 Crores for Guaranty and ₹1.71 Crores for Capital...

ITAT deletes Rs. 38.18 Lakh Disallowance u/s 37, Cites Lack of Evidence for Cash Expenses and Small Impact on Turnover [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance of Rs.38,18,487,holding that the assessing officer incorrectly applied Section 37 of the Income Tax Act,1961,to...