Bidding expenditure u/s 37 (1) - whether expenditure as incurred ...

High court affirms bidding expenses and interest on share application money as deductible business costs u/s 37(1).

February 5, 2024

Case Laws     Income Tax     HC

Bidding expenditure u/s 37 (1) - whether expenditure as incurred for setting up a new line of business? - Deduction towards Interest on the share application money forwarded to the subsidiary company - The high court agreed with the findings of the ITAT that the expenditures in question were incurred as part of the assessee's business operations and thus were deductible.

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