SRK gets deduction of Rs. 10 Crore of professional fees returned back

Advocate Akhilesh Kumar Sah Commercial expediency: Reasonableness of an expenditure has to be adjudged from the point of view of the businessman The expression “wholly & exclusively” used in section 10(2) (xv) of the Income-tax Act, 1922 (Which corresponds to section 37(1) of the Income-tax Act, 1961) does not mean “necessary”. Ordinarily, it is for the assessee to decide whether any expenditure should be incurred in the course of his or its business. Such expenditure may be incurred voluntarily and without any necessity and if it is incurred for promoting the busi...