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

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

Taxscan Team

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the sole proprietor cannot be eligible for a tax deduction for his own...

ITAT Annual Digest [Part 54]

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

Loss incurred for Expenditure for an Offence not Deductible: SC upholds Disallowance of Smuggled...

Company Eligible for Deduction of Foreign Travel Expenses of Employee and Relative of Director: ITAT...

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

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...

Compounding Fee paid to Legal Metrology Dept is an allowable Expenditure: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the compounding fee paid to the Legal Metrology department is allowable as an expenditure under Section 37 of the Income...

Exhibition Expenses can be allowed in the year in which It was Incurred: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi bench has observed that advance payment made for participating in the exhibition must be allowed as business expenditure in the year in which assessee...

Professional Charges for Processing Loan for Construction of Property from which Assessee Received Rental Income not allowable as Business Expenditure: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently held that the professional charges paid by the assessee for processing of loan for the construction of the property cannot be...

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