Expenditure relating to project are revenue expense allowable u/s 37 of Income Tax Act

Advertisement ACIT Vs Indian Farm Forestry Development Cooperative Ltd. (ITAT Delhi) ITAT Delhi held that expense on Social & Rural Development Programme are revenue in nature, accordingly, the same are allowable under section 37 of the Income Tax Act. Facts- The Assessee being Cooperative Society is engaged in trading/marketing of various types of fertilizer, manufactured by IFFCO at various places in India. AO from the Profit & Loss account submitted by the Assessee, noted that the Assessee has claimed expenses to the tune of Rs. 6,28, 66,118/- under the head expenses on “Social...