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

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Amortization of Expenses u/s 35 D to be Allowed Only on Satisfying the Prescribed Conditions: ITAT [Read Order]

The Income Tax Appellate Tribunal, Bench “A”, Mumbai, has, recently while allowing an appeal filed by the Revenue, held that amortization of expenses...

Interest Paid on Delayed TDS Payment is allowable as Deduction: ITAT [Read Order]

Discount on ESOP Amounts to Expense, Income Tax Deduction allowable: ITAT [Read Order]

No Tax Deduction for Education Expenses of Sole Proprietor: ITAT [Read Order]

ITAT Annual Digest [Part 54]

Loss incurred for Expenditure for an Offence not Deductible: SC upholds Disallowance of Smuggled Silver as Business Loss[Read Judgement]

The Supreme Court of India in a recent judgement held that loss incurred for expenditure for an offence is not deductible tax and upheld the disallowance of smuggled silver as business loss. The...

Expenditure - Offence - Deductible - SC - Disallowance - Smuggled - Silver - Business - Loss - TAXSCAN

Company Eligible for Deduction of Foreign Travel Expenses of Employee and Relative of Director: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has allowed the assessee-Company deduction under section 37 of the Income Tax Act, 1961 in respect of foreign travel expenses of an employee,...

Project Expenses are “Revenue” in Nature, Deductible u/s 37: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that project expenses are revenue in nature therefore it has deductible under Section 37 of the Income Tax Act 1961. ...

Liquor License obtained in the Name of Benami/Employee is Illegal: ITAT disallows Business Expenditure [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has disallowed a claim of business expenditure towards the payment of license fee by observing that the assessee illegally obtained the...

Professional Fee paid for Valuation of Know-How is allowable as Deduction: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount paid as professional fee for the purpose of valuation of know-how is a deduction allowable under section 37 of the...

Redemption Fine not allowable as Business Expenditure: Bombay High Court [Read Judgment]

A division bench of the Bombay High Court has held that the redemption fine paid to the customs department for violation of law cannot be allowed as business expenditure under Section 37 of the Income...

Distribution of IPL Tickets to Customers to improve Business Relations is allowable as Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench ahs held that the distribution of IPL tickets to the long-standing customers to improve business relation and goodwill would amount to...

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