Income Tax : Explains when food and hospitality expenses qualify as business deductions and outlines the tests under Section 37(1) to distingui...
Income Tax : Explains how Section 37(1) restricts deductions to expenses exclusively for business and highlights gray-area items like home offi...
Income Tax : ITAT Ahmedabad held settlement payments in foreign civil cases are deductible under Section 37(1) as compensatory, not penal, and ...
Income Tax : Summary of Section 37(1) IT Act for business expenditure deduction. Covers "wholly and exclusively" test, commercial expediency, ...
Income Tax : Examines the tax implications of employer-funded education, covering employer deductions and employee taxation. Includes analysis ...
Income Tax : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : ITAT Jodhpur held that Section 37(1) business expenses cannot be disallowed without specific findings on genuineness. All appeals ...
Income Tax : ITAT Mumbai held that an accrued business liability supported by evidence is deductible under Section 37(1) despite future payment...
Income Tax : ITAT Mumbai held that eligible CSR donations qualify for Section 80G deduction if statutory conditions are met, despite disallowan...
Income Tax : ITAT held that increased employee remuneration cannot be disallowed merely because business revenue declined where the expenditure...
Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. Such income could not be reduced by attributing expenditure before the concessional rate of tax was applied.
ITAT Jodhpur held that Section 37(1) business expenses cannot be disallowed without specific findings on genuineness. All appeals were allowed and disallowances deleted.
ITAT Mumbai held that an accrued business liability supported by evidence is deductible under Section 37(1) despite future payment, while rejecting a capital receipt claim.
ITAT Mumbai held that eligible CSR donations qualify for Section 80G deduction if statutory conditions are met, despite disallowance under Section 37(1).
ITAT held that increased employee remuneration cannot be disallowed merely because business revenue declined where the expenditure is justified and supported.
ITAT held Section 43CA did not apply as the flats were booked before the provision became effective, deleting the addition based on stamp duty value.
Madras HC upheld deduction for site restoration expenses, holding the contractual obligation under the PSC is allowable under Section 37(1).
Tribunal partly allowed the assessee’s appeals by granting relief on transfer pricing, scientific research deduction, product registration expenses, section 14A/MAT adjustment, and forex hedging losses, while upholding the disallowance of expenditure on freebies to doctors and delayed employees’ welfare contributions.
ITAT held no TDS was required as the Revenue failed to prove the services made technical knowledge available under the India-US DTAA.
The ITAT held that payments made to directors represented arranger fees and not prohibited sub-brokerage under SEBI Regulations. It deleted the entire disallowance under Section 37(1), finding no violation of law.
