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

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

Taxscan Team

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently held that the professional charges paid by the assessee for processing of loan...

Amount Paid as Retrenchment Compensation is allowable Deduction u/s 37 of Income Tax Act: ITAT [Read...

Amount paid to National Stock Exchange as Non-Adjustable Deposit for Acquisition of Membership is...

Penalty paid on Sales Tax demand is not Compensatory in Nature: ITAT disallows Expenditure [Read...

‘Secret Commission’ for Business Promotion are rightly Treated as ‘Bribe’, Deduction not Available:...

Madras HC allows deduction on Legal Fee and Professional Indemnity Insurance Expenses [Read Judgment]

A single bench of Madras High Court held that, deduction is allowable on Legal fees and professional indemnity insurance expenses under section 37 of the Income Tax Act. The Assessing Officer had...

Interest / Service Charges paid on Funds raised to Subscribe Debentures are Allowable Expenditure: Delhi HC [Read Judgment]

In CIT v. M/S Virat Investment & Mercantile Co, the Delhi High Court ruled that the assessee was entitled to deduction under section 37 of the Income Tax Act in respect of interest/service charges...

Loss on Stock Appreciation Rights is Business Loss, Allowable as Deduction: ITAT Delhi [Read Order]

In a recent ruling, the division bench of the ITAT Delhi bench held that the loss incurred by the assessee-Company on stock appreciation rights s not a capital loss, but a business loss which is...

‘Privilege Fee’ is allowable as Expenditure u/s 37 of Income Tax Act: ITAT Hyderabad [Read Order]

In a recent ruling, the ITAT, Hyderabad observed that the amount paid as “privilege fee” to the Government is an allowable expenditure under section 37 of the Income Tax Act. The division bench also...

Premium paid by the Firm on the Keyman Insurance Policy of a Partner is allowable as Business Expenditure: CBDT [Read Circular]

In a recent circular, the Central Board of Direct Taxes (CBDT) clarified that the premium paid by the firm on the keyman insurance policy of a partner is an admissible expenditure under section 37 of...

Foreign Exchange Contract forward loss are Revenue Loss: Bombay HC [Read Judgment]

The division bench of the Bombay High Court, in a recent decision, held that the loss suffered on foreign exchange transactions entered into for hedging business transactions must be considered as...

Sponsoring Overseas Tour to doctors by Pharmaceutical Company is unethical & illegal, ITAT Mumbai disallows expenditure [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal recently confirmed disallowance of expenditure incurred by the Pharmaceutical company on account sponsoring overseas tour to doctors. Earlier,...

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