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Allowability of expenses claimed by PSU on direct operations/grants
Case Law Details
- Case Name
- Oil Industry Development Board Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003- 2004
- Courts
- All ITAT, ITAT Delhi
RELEVANT PARAGRAPH
20. Deduction which are allowed while computing business income have been laid down in section 30 to 36. section 37 is a residuary section extending the allowance of expenses to items of expenditure not covered by Section 30 to 36, the list of allowances enumerated in sections 30 to 36 being not exhaustive. An item of expenditure, which is wholly or exclusively for the purpose of business may be allowed to be deducted in computing the profits and gains according to the ordinary principles even if it does not fall under any of the above sections.
21. Section 37 start with neg...
