TMI BlogTreatment thereof--Section 37(1) of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee for obtaining a new telephone connection under the "Tatkal Telephone Deposit Scheme" can be allowed as a revenue expenditure under section 37(1) of the Income-tax Act, 1961, while computing the income under the head "Profits and gains from business or profession". 2. Under the above scheme, a subscriber is required to pay Rs. 30,000 as a non-interest-bearing deposit. The amount so deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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