Business expenditure u/s 37 - Word ‘wholly’ refers to quantum of ...
Section 37: Deductible Business Expenses Must Be Wholly and Exclusively for Business, Not Personal Use. Assessee Bears Proof Burden.
December 7, 2018
Case Laws Income Tax HC
Business expenditure u/s 37 - Word ‘wholly’ refers to quantum of expenditure and word ‘exclusively’ refers to motive, object and purpose of the expenditure. Personal expenses or money spend for private purpose is not deductible. They fail the business expediency test - onus on the assessee to prove.
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