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section 37(1)

Latest Articles


Income Tax Deductions allowable to tax payer

Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...

September 7, 2024 1716 Views 0 comment Print

No Externment Based on Pending Investigations: Bombay HC

Corporate Law : Explore the Bombay High Courts landmark ruling: Offences under investigation cant be grounds for externment orders. An in-depth an...

January 25, 2024 930 Views 0 comment Print

Recent Judgements of Supreme Court on Income Tax Issues

Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....

January 22, 2024 14475 Views 3 comments Print

Is CSR Expenditure allowable u/s 80G?

Company Law : Understand the intricacies of CSR expenditure deduction under Section 80G. Explore recent clarifications and legal standpoints for...

February 8, 2023 5028 Views 0 comment Print

Delayed Deposit of EPF & ESI- Whether Allowable

Income Tax : After the decision of SC in Check mate Services Pvt. Ltd. vs. CIT order dated 12.10.22, the legal position is now settled that the...

November 27, 2022 36036 Views 2 comments Print


Latest Judiciary


No TDS liability u/s 195 on sales commission paid to overseas subsidiary for non-technical services as same was not ‘FTS’

Income Tax : Sales and marketing services rendered to assessee by its US based subsidiary did not fall within the ambit of FTS as defined u/s 9...

October 29, 2024 516 Views 0 comment Print

Goodwill is an intangible asset which is eligible for depreciation: Delhi HC

Income Tax : Delhi High Court held that goodwill could be considered as an intangible asset and the same is eligible for depreciation. Assets a...

October 28, 2024 378 Views 0 comment Print

Proving debt become irrecoverable not required after 01.04.1989: ITAT Delhi

Income Tax : ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction ...

October 24, 2024 291 Views 0 comment Print

Interest on delayed payment of custom duty deductible u/s. 37: ITAT Bangalore

Income Tax : ITAT Bangalore held that interest due to delayed payment of custom duty is deductible u/s 37 of the Act as it is an accretion to t...

October 24, 2024 192 Views 0 comment Print

Deduction u/s. 80-IB disallowed for interest on staff advances and bank deposits: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that deduction under Section 80-IB/80-IE of the Income Tax Act disallowed on loan to employees and bank deposi...

October 18, 2024 231 Views 0 comment Print


Latest Posts in section 37(1)

No TDS liability u/s 195 on sales commission paid to overseas subsidiary for non-technical services as same was not ‘FTS’

October 29, 2024 516 Views 0 comment Print

Sales and marketing services rendered to assessee by its US based subsidiary did not fall within the ambit of FTS as defined u/s 9(1)(vi) or Article 12 of India-US DTAA as  making available service did not make available knowledge, experience, skill etc.

Goodwill is an intangible asset which is eligible for depreciation: Delhi HC

October 28, 2024 378 Views 0 comment Print

Delhi High Court held that goodwill could be considered as an intangible asset and the same is eligible for depreciation. Assets acquired de-valued, hence balance amount treated as intangible asset and the same is eligible for depreciation.

Proving debt become irrecoverable not required after 01.04.1989: ITAT Delhi

October 24, 2024 291 Views 0 comment Print

ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction on account of bad debt written off pursuant to the amendment made u/s 36(1)(vii) of the Income Tax Act after 01.04.1989.

Interest on delayed payment of custom duty deductible u/s. 37: ITAT Bangalore

October 24, 2024 192 Views 0 comment Print

ITAT Bangalore held that interest due to delayed payment of custom duty is deductible u/s 37 of the Act as it is an accretion to the main payment and not a penalty and accordingly allowable as deduction.

Deduction u/s. 80-IB disallowed for interest on staff advances and bank deposits: ITAT Ahmedabad

October 18, 2024 231 Views 0 comment Print

ITAT Ahmedabad held that deduction under Section 80-IB/80-IE of the Income Tax Act disallowed on loan to employees and bank deposits as such interest income is not income derived from industrial undertaking.

HC Remands Case to ITAT on Exchange Rate Loss for Assets Acquired in India Under Sections 43A & 37(1)

October 16, 2024 162 Views 0 comment Print

Portion attributable to utilisation for import of assets into India must be capitalised under Section 43A, while the portion attributable to utilisation for acquiring assets from within India must be treated as revenue expenditure under Section 37(1) of the Act.

Discount on issue of ESOP is allowable deduction: Karnataka HC

October 15, 2024 387 Views 0 comment Print

The Karnataka High Court, upholding the ITAT’s order, reiterated that discounts on the issuance of ESOPs are allowable deductions under Section 37(1) of the Income Tax Act, in line with the decision in Biocon Ltd.

Reopening of assessment based on mere change of opinion unsustainable: ITAT Delhi

October 14, 2024 342 Views 0 comment Print

ITAT Delhi held that mere change of opinion would not confer jurisdiction upon the Assessing Officer to reopen proceedings without anything further. Thus, reopening of assessment under section 147 of the Income Tax Act set aside.

Treatment of losses due to exchange rate fluctuation needs effective adjudication hence matter remanded

October 5, 2024 234 Views 0 comment Print

Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’t deal with import of Section 43A of the Income Tax Act and its interplay with section 37(1).

Matter restored as no findings rendered on various documentary evidences: ITAT Chennai

September 21, 2024 189 Views 0 comment Print

ITAT Chennai held that no findings have been rendered on various documentary evidences furnished by the assessee. Accordingly, matter restored in view of violation of the principle of natural justice.

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