Read all Latest Updates on and about section 37(1) of the Income Tax Act

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section 37(1) of the...

Travel Expenses can be allowed u/s 37(1) even on the basis of Self-made Vouchers: ITAT Kolkata [Read Order]

In a recent decision, the Kolkata bench of the ITAT, while allowing business travel expenses to the assessee under section 37(1) of the Income Tax...

Loss on Sale of Shares of a wholly owned Subsidiary - Made for Commercial Purpose, is Business Loss:...

Amenities provided to Doctors by Pharma Companies are Business Expenditure: ITAT Mumbai [Read Order]

Amount Paid under Compromise Decree is Deductible from Business Income: ITAT Pune [Read Order]

‘Guarantee Commission’ to acquire the Asset is Revenue Expenditure, not Taxable: Punjab & Haryana HC...

Interest & Administrative Expenditures are Allowable as Deduction: ITAT Mumbai [Read Order]

Recently, while allowing expenditure on account of Interest & administrative expenses incurred by the assessee in connection with their project, the ITAT Mumbai bench held that such expenses are...

Payment of demurrage & Penalty Charges are not Penal in nature, Deduction is Allowable: ITAT Kolkata [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal, recently ruled that the demurrage charges and penalty charges paid by a contractor to the Companies for violation of the contractual terms are...