section 37(1)

Is CSR Expenditure allowable u/s 80G?

Income Tax - In the recent past a litigated issue is ‘Donations given towards CSR Expenses and its allowability as deduction U/s 80G’. The question whether contributions made under CSR are eligible for deduction u/s 80G of Income tax 1961 or not, is compounded further by The Ministry of Corporate Affairs (MCA) General Circular No. 14 /2021...

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 delayed deposit of employees contribution shall be held as deemed income u/s. 2(24) of the income tax act....

Freebies to Doctors not allowable as same is an Offence & Prohibited by Law

Income Tax - Section 37(1) of the Income Tax Act – Disallowance for Freebies to Doctors as the same is an Offence & Prohibited by Law If an assessee during the course of business & profession incurs certain expenditure, which is an offence or which is prohibited by law, the said expenditure shall be disallowed while computing his [&helli...

Incentives to Medical Professionals: Whether deduction allowed under Income Tax Act, 1961?

Income Tax - In general practice freebies although being prohibited are provided to medical professionals by pharmaceutical companies and diagnostic centers to induce them to prescribe their medicines and tests which are higher in price than their generic alternatives. This practice of acceptance of freebies was disallowed through a circular issued on...

Freebies by Pharma Companies – shutter down?

Income Tax - It is a routine practice that Pharmaceutical and health sector companies provide freebies such as hospitality, conference fees, gold coins, LCD TVs, fridges, laptops, etc. to medical practitioners for creating awareness about the health supplement ‘ABC’....

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AO Cannot Determine Business Promotion Effectiveness – ITAT Allows expenses

DCIT Vs Agni Estates & Foundations Pvt.Ltd (ITAT Chennai) - Read the detailed analysis of DCIT vs. Agni Estates & Foundations Pvt. Ltd. (ITAT Chennai) case. ITAT upholds deletion of disallowance of sponsorship expenses and interest under Income Tax Act....

Upfront lease premium on lease-hold land allowable as deduction u/s. 37(1) of Income Tax Act

ACIT Vs Britannia Industries (ITAT Kolkata) - ACIT Vs Britannia Industries (ITAT Kolkata) ITAT Kolkata held that upfront lease premium on lease-hold land is nothing but advance payment of rent and the same is not a capital expenditure and as such the deduction should be allowed u/s 37(1) of the Income Tax Act. Facts- The assessee is a public li...

Interest expense for amount advanced to subsidiary out of commercial expediency allowable

Intervo Technologies Pvt. Ltd. Vs ACIT (ITAT Delhi) - ITAT Delhi held that amount advanced to subsidiary companies out of commercial expediency, accordingly, disallowance of interest claimed under section 36(1)(iii) of the Income Tax Act unsustainable....

Computer software being integral for working of hardware are depreciable @60%

PCIT Vs Times Internet Limited (Delhi High Court) - Delhi High Court held that the computer software which are necessary and integral for the working of hardware are eligible for depreciation at the rate of 60% instead of 25%....

Interest on Margin facility & late Payment to Brokers allowable: ITAT Ahmedabad

Swing Infraspace P. Ltd. Vs ITO (ITAT Ahmedabad) - ITAT Ahmedabad has allowed a review petition in the Swing Infraspace case, overturning disallowances of expenses. Read the full text of the order here....

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Recent Posts in "section 37(1)"

AO Cannot Determine Business Promotion Effectiveness – ITAT Allows expenses

DCIT Vs Agni Estates & Foundations Pvt.Ltd (ITAT Chennai)

Read the detailed analysis of DCIT vs. Agni Estates & Foundations Pvt. Ltd. (ITAT Chennai) case. ITAT upholds deletion of disallowance of sponsorship expenses and interest under Income Tax Act....

Upfront lease premium on lease-hold land allowable as deduction u/s. 37(1) of Income Tax Act

ACIT Vs Britannia Industries (ITAT Kolkata)

ACIT Vs Britannia Industries (ITAT Kolkata) ITAT Kolkata held that upfront lease premium on lease-hold land is nothing but advance payment of rent and the same is not a capital expenditure and as such the deduction should be allowed u/s 37(1) of the Income Tax Act. Facts- The assessee is a public limited company and […]...

Interest expense for amount advanced to subsidiary out of commercial expediency allowable

Intervo Technologies Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that amount advanced to subsidiary companies out of commercial expediency, accordingly, disallowance of interest claimed under section 36(1)(iii) of the Income Tax Act unsustainable....

Computer software being integral for working of hardware are depreciable @60%

PCIT Vs Times Internet Limited (Delhi High Court)

Delhi High Court held that the computer software which are necessary and integral for the working of hardware are eligible for depreciation at the rate of 60% instead of 25%....

Interest on Margin facility & late Payment to Brokers allowable: ITAT Ahmedabad

Swing Infraspace P. Ltd. Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad has allowed a review petition in the Swing Infraspace case, overturning disallowances of expenses. Read the full text of the order here....

ITAT Upholds Addition on LTCG Under Section 50C for Unregistered Deeds

Hari Mittar Yadav Vs ITO (ITAT Mumbai)

ITAT Mumbai decision in Hari Mittar Yadav vs. ITO: Confirmation of addition on LTCG under Section 50C based on unregistered deeds entered on judicial stamp papers....

ITAT Directs Rehearing due to Notice Sent to Wrong Address

Grand Venezia Commercial Towers Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi's decision in the case of Grand Venezia Commercial Towers Pvt. Ltd. regarding hearings notice sent to wrong address. Detailed analysis and conclusion....

Payment to Retiring Partner is Capital Expenditure: ITAT

ITO Vs Sarsan Developers (ITAT Pune)

Payments made as part of a settlement agreement regarding relinquishment of partnership interests are capital expenditures ITAT Pune in ITO Vs Sarsan Developers...

ITAT Directs Submission of Sales Tax Challan for Payment Proof

Jay Polychem India Ltd Vs ACIT (ITAT Delhi)

Read about the ITAT Delhi's direction to submit sales tax documents within 6 months. Analysis of the case between Jay Polychem India Ltd and ACIT....

Club Admission Fees for Corporate Membership for business purposes: Revenue, Not Capital Expenditure

 Swiss Re Services India Pvt Ltd Vs DCIT (Bombay High Court)

Admission fees paid to a club towards corporate membership would be a revenue expenditure because it had been incurred wholly and exclusively for the purposes of business and not towards capital account....

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