Circular No. 671-Income Tax References have been received as to whether the amount paid by an assessee 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
Please refer to our letter No.SMD/SED/0012/92, dated December 31, 1992 regarding the aforesaid subject. In this regard, I draw your attention to the Circular No. F1/5/SE/83, of Govt of India, Ministry of Finance, Department of Economic Affairs
