Allowable expenditure u/s 37(1) - addition relating to form fees ...

Expenses for Wine Shop License Form Fees Allowed as Tax Deductions Under Income Tax Act Section 37(1.

March 20, 2024

Case Laws Income Tax AT

Allowable expenditure u/s 37(1) - addition relating to form fees which was deposited for obtaining the wine shop through government - non-accepting the theory of commercial expediency - assessee has made multiple applications for lottery to obtaining the wine shop licence and for that he has made 20 application of each 15,000/- the payment has been made by banking channel. - The Tribunal found that the expenses were incurred to increase the chances of obtaining the license through a lottery system and were non-refundable. Therefore, the expenses were deemed allowable deductions u/s 37(1) of the Act. - Additions directed to be deleted.

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Allowable expenditure u/s 37(1) - addition relating to form fees ...

Expenses for Wine Shop License Form Fees Allowed as Tax Deductions Under Income Tax Act Section 37(1.

March 20, 2024

Case Laws Income Tax AT

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