Allowable as business expenses - Small contributions to local ...

Case Laws Income Tax

July 15, 2022

Allowable as business expenses - Small contributions to local people and institution on request of employees and business associates - Section 37 of the Act contemplates that any expenditure not being expenditure of the nature described in sections 32 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee laid out or expended wholly and exclusively for the purpose of the business or profession shall be allowed in computing the income chargeable under the Head “Profits & Gains of Business or Profession”. AO failed to appreciate the nature of business of the assessee and the surrounding social environment where it has been carrying out its business. - AT

View Source

← Previous Next →

Allowable as business expenses - Small contributions to local ...

Case Laws Income Tax

July 15, 2022

You may also like:

Allowable expenses u/s 37 - Disallowances of foreign travel expenses and other expenses - the expenses incurred by the Assessee on various items as well as the...

Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

Deduction of expenses u/s.37(1) - Expenses on pooja in temples located outside the factory premises and towards local area expenses claimed to be for social contribution...

Expenditure toward the grant-in-aid to the school/institution - allowable u/s 37(1) as expenditure have been incurred for the purpose of business of the assessee i.e and...

Disallowances of centenary celebration expenses, gift distribution and interest relief to society expenses - The expense incurred on account of relief fund to celebrate...

Nature of expenditure - Allowable business expenditure or personal expenditure - education expenses of the daughter - With the logic advanced by assessee, every...

When the Tribunal has recorded a finding that the expenses relating to obtaining fixed deposits are closely linked with the business requirement of the assessee, such...

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

Allowable business expenditure - it is a prudent decision of the assessee to oblige to the appeal made by the local administration and incurred the expenses for public...

Disallowance of payment towards Energy conservation Contribution expenses - the assessee has incurred expenses wholly and exclusively for business purposes - AT

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

Disallowance of sales promotion expenses being gifts to doctors and hospitals - Allowable business expenditure u/s 37(1) - the MCA regulations are applicable to the...

Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

Provision for future liabilities (expenses) - whether allowable - mercantile basis of accounting - held yes - HC

Allowable business expenditure - Lapse of GST input credit - Disallowance u/s 43B - The said GST Credit lapse is not a provision made by the assessee bank. If said...

Quick Updates: