Case Law Details
Case Name : Dhimant Hiralal Thakar Vs The Commissioner of Income Tax (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Dhimant Hiralal Thakar vs CIT (Bombay High Court)- Requirement to claim a deduction under Section 37 which is a residuary provision is that the expenditure must not be of the nature described in section 30 to 36; secondly the expenditure must not be capital in nature; thirdly the expenditure must have been laid down wholly and exclusively for the purpose of business/profession of the assessee; and fourthly the expenditure must not be personal in nature.
Applying these requirements of the statutory provision an
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