Case Law Details
Case Name : Dy. CIT Vs. PHL Pharma P Ltd. (ITAT Mumbai)
Appeal Number : ITA No.4605/Mum/2014
Date of Judgement/Order : 12/01/2017
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Mumbai
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Advocate Akhilesh Kumar Sah
Explanation 1 to Section 37(1) of the Income-tax Act, 1961(for short ‘the Act’) which has been inserted w.e.f. 01.04.1962 incorporates that for the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure.
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