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section 37(1)

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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 342 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 3456 Views 1 comment 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 4161 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 31290 Views 2 comments Print

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

Income Tax : Ensure Compliance: Offering freebies to doctors may lead to serious consequences under Section 37(1) of the Income Tax Act. Any ex...

September 19, 2022 5559 Views 1 comment Print


Latest Posts in section 37(1)

NSE’s Core SGF Contribution is allowable expense, not Contingency Reserve

March 28, 2024 66 Views 0 comment Print

Discover the detailed analysis of the case National Stock Exchange of India vs. DCIT where ITAT Mumbai ruled that NSE’s contribution to Core SGF is not considered a contingency reserve.

Allowability of Out of Court Settlement & Legal Expenses: ITAT Directs Re-adjudication

March 28, 2024 177 Views 0 comment Print

AC Chokshi Share Brokers Pvt Ltd appeals against disallowed legal expenses for out-of-court settlement & defense. ITAT Mumbai orders readjudication. Details here.

Section 2(22) Not Applicable to Non-Beneficiary Shareholders: ITAT Kolkata

March 24, 2024 300 Views 0 comment Print

In DCIT Vs Eko Diagnostic Pvt. Ltd., ITAT Kolkata rules that Section 2(22) of Income Tax Act doesn’t apply to non-beneficiary shareholders in loan-receiving companies.

ITAT Directs AO to Review All Documents for Determining Deductible Expenditures

March 23, 2024 225 Views 0 comment Print

ITAT Delhi ruling: Loan advanced for repayment of business operation liabilities considered allowable as business expenditure under section 37(1) of the Income Tax Act.

Management Service Fees paid to non-resident AEs is Deductible Expenses

March 21, 2024 141 Views 0 comment Print

Explore the ITAT Delhi ruling on the eligibility of management service fees paid to non-resident AEs under section 37(1) of the Income Tax Act in the case of Iris Worldwide Integrated Marketing Pvt. Ltd vs. DCIT.

Interest expense on loans borrowed during the course of real estate and finance business is allowable: ITAT Delhi

March 19, 2024 180 Views 0 comment Print

ITAT Delhi held that interest paid on loans borrowed during the course of business of real estate and finance business is allowable as deduction. Accordingly, disallowance of the same deleted.

ITAT allows Product Development Expenses & Liquidated Damages

March 19, 2024 87 Views 0 comment Print

Explore the detailed analysis of the ITAT Delhi order in the case of Himenviro Environmental Engineering Co. Pvt. Ltd. vs ACIT, focusing on product development expenses, liquidated damages, and more.

Ex-gratia Bonus was allowable u/s 37(1) as Business Expenditure of Indian Express

March 19, 2024 543 Views 0 comment Print

Exgratia bonus paid to the employees over and above the eligible bonus under the Payment of Bonus Act was allowable as expenditure under Section 37 (1).

Transfer pricing study selecting AE as tested party duly acceptable: ITAT Mumbai

March 18, 2024 132 Views 0 comment Print

ITAT Mumbai held that assessee selecting Associated Enterprise (AE) as “tested party” justifiable. Accordingly, transfer pricing study conducted by the assessee is duly acceptable.

Gratuity Cannot Be Disallowed for Delay in Approval of Gratuity Fund

March 13, 2024 552 Views 0 comment Print

Twinings Pvt. Ltd. vs. DCIT: ITAT Kolkata allows gratuity payment as salary expense u/s 37(1) of IT Act, rejecting disallowance u/s 36(1)(v).