Audit fees/bank charges, communication & office expenses allowable U/s. 37

HIPL India Private Ltd. Vs ACIT (ITAT Bangalore) Conclusion: Receipt of agency commission, travel by directors to explore possibilities of getting business and taking premises on lease for the purpose of manufacturing activity was sufficient to conclude that business of assessee had been set up during the relevant previous year, therefore, assessee was entitled to claim deduction of all the expenses under section 37. Held: In the instant case, assessee-company had claimed deduction of audit Fees/bank charges, rates and taxes and communication and office expenses, etc. AO held that as business...