Read all Latest Updates on and about Section 37 of the Income Tax Act 1961

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ITAT quashes Disallowance on Tanker Expenses due to Lack of Justification by AO [Read Order]

Sneha Sukumaran Mullakkal

The Raipur Bench of Income Tax Appellate Tribunal (ITAT) quashed the disallowance of ₹2,19,981 on tanker expenses, citing a lack of justification by...

Relief to Axis Bank: ITAT Allows Deduction for Service Tax Expenses u/s 37 [Read Order]

Community Service Contributions by Employer as per MOU with Workers Union is Business Expenditure,...

Axis Bank's ESOP Expenses Treated as Perquisites with TDS Deduction: ITAT allows Expenses u/s 37...

Business tax - Business tax deductions India - Tax deductions for business - Tax savings for businesses - taxscan

Unlocking Section 37(1): Understanding allowable Deduction for Business or Profession

AO cannot Decide what is Good for Promoting Business: ITAT upholds Deletion of Disallowance of Sponsorship Expenses u/s 37 of Income Tax Act [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of disallowance of sponsorship expenses under Section 37 of the Income Tax Act 1961 holding that the Assessing...

Deletion of Disallowance of Expenditure on Education u/s 37 of Income Tax Act is justified as Assessee Furnished Detailed Information Related to Education fees of Director: ITAT Dismisses Revenue Appeal

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the deletion of the disallowance of Education Expenditure under Section 37 of the Income Tax Act,1961 is justified because the...

Education Cess is Not Allowable as Expenditure u/s 37 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the education cess would not be allowable as expenditure under Section 37 of the Income Tax Act, 1961. The assessee, Aarti...

Gifts to Business Associates and Executives are “Business Promotion Expenses”, Deductible u/s 37 of Income Tax Act: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the gifts to business associates and expenditure should be considered as business promotion expenses and are deductible...

Relief to HP: ITAT allows Deduction on ESOP Cross Charges paid to Overseas Ultimate Holding Company, allowable as Expenditure [Read Order]

While granting relief to M/s. Hewlett Packard (India) Software Operation Pvt Ltd (HP) the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), held that Employee Stock Option Plan (ESOP)paid...

Payment of Sponsorship Fee paid to eligible Women for their Lifetime Achievements can’t be treated as Business Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has held that the payment of sponsorship fee paid to the eligible women for their lifetime achievements can’t be treated as business...

Incentive Bonus is Deductible u/s 37 of the Income Tax Act: Allahabad HC [Read Order]

The Allahabad High Court has ruled that Incentive Bonus is deductible under Section 37 of the Income Tax Act 1961. The Assessee Company M/s D. S. M. Agro Products Ltd has filed its return of income...