Section 37 - Page 2

Foreign Exchange Fluctuations allowable as Revenue Expense- Section 37

DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore)

DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore) The issue under consideration is whether foreign exchange fluctuations are allowed as revenue expense u/s 37 of Income Tax Act? ITAT states that, the Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254 had already held that the actual […]...

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Foreign Exchange Fluctuation Loss arising out of Re-Statement of ECB Allowed

Pharmabase India P. Ltd. V DCIT. (ITAT Mumbai)

Whether CIT(A) was justified in confirming the disallowance of foreign exchange fluctuation loss arising out of re-statement of External Commercial Borrowings (ECB) at the year end rates in accordance with AS-11?...

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Payment of Royalty for Purchasing Right to Re-Produce Film-Music is a Revenue Expense

Saregama India Ltd. Vs DCIT (ITAT Kolkata)

The issue under consideration is whether payment of minimum guarantee royalty for purchasing right to reproduce film-music is considered as capital expense or revenue expense?...

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MCI Code of Conduct not Applicable to pharma companies; Freebies to doctors allowed

Medley Pharmaceuticals Ltd. Vs DCIT (ITAT Mumbai)

ITAT states the code of conduct prescribed by the Medical Council is applicable only to medical practitioners/ doctors registered with the MCI and does not apply to pharmaceutical companies & the healthcare sector in any manner....

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General Deductions of Expenditure Under Section 37(1)

We know that there are five heads of income, in which income of any assessee has been taxed. There may be different types of income an assessee earned during previous year such as income from salary, House Property, Profit and gain from business or profession, Capital Gain and Income from other sources.  Section 28 is […]...

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Posted Under: Income Tax |

Stamp Duty to obtain Business Premises on Lease is Revenue Expense

Fiserv India Private Limited Vs ACIT (ITAT Delhi)

The issue under consideration is whether the stamp duty paid for obtaining the business premises on lease is deductible under section 37 of the Income Tax Act, 1961?...

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Puja Expenses for Smooth functioning of Business allowable

Capital Tours (India) Pvt. Ltd. Vs ITO (ITAT Kolkata)

It is noted that the assessee is into the business of truck plying in North-East States and it is common knowledge that the drivers and cleaners before they start their journey on their trucks conduct puja of the God they believe and they incur expenses for buying garlands, bhog etc. for safe and smooth running of the vehicle while they g...

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Expense crystallized during the year allowable as Prior Period Expense

Dakshin Haryana Bijli Vitran Nigam Ltd. Vs ACIT (ITAT Delhi)

According to ITAT, the claim of assessee on account of Pay anomaly of employee crystallized during the year should have been accepted and he, therefore, granted relief to the assessee. Further, they observed that in the order dated 24.12.2009 for assessment year 2006-07 in assessee’s own case, the Tribunal decided that the liability cry...

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ATM is considered as Computer hence Higher Depreciation rate allowed

CIT Vs NCR Corporation Pvt. Ltd. (Karnataka High Court)

High Court states that so long as functions of the computers are performed with other functions and other functions are dependant on the functions of the computer, ATMs are to be treated as computers and are entitled to higher rate of depreciation....

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Penalty cannot be levied for making a claim which may be erroneous or wrong

Ventura Textiles Ltd. Vs CIT (Bombay High Court)

The issue under consideration is whether the levy of penalty u/s.271(1)(c) of the Act is justified in law for for making a claim which may be erroneous or wrong ?...

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September 2021