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 : The Supreme Court held that interest paid on borrowed funds was deductible under Section 36(1)(iii) because the loan was used for ...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : ITAT Mumbai held that although foreign commission expenditure was non-genuine and liable for disallowance, amounts already written...
Income Tax : ITAT Chennai held that before the 2016 amendment, DSIR approval under Section 35(2AB) related to the in-house R&D facility and not...
Income Tax : The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affect...
ITAT Ahmedabad held that the assessee (pharmaceutical company) is not entitled for claiming deduction under section 37(1) of the Income Tax Act on account of freebies given to the doctors.
Delhi High Court held that the renovation and refurbishment of the rooms, including washrooms and other facilities in the hotel which only improves efficiency of source of profit/income are revenue expenditure.
ITAT Ahmedabad held that gratuity premium paid to LIC was to be treated as business expenditure and the same is allowable under section 37(1) of the Income Tax Act.
ITAT Delhi held that invocation of revisionary power u/s 263 of the Income Tax Act without satisfying two conditions i.e. order was erroneous and it was prejudicial to the interest of revenue is unsustainable in law and liable to be quashed.
ITAT Mumbai held that expenditure towards brand reminder, customer gifts, purchase of medical books and journals is not allowable expenditure u/s 37(1) of the Income Tax Act as such expenses are in the nature of free bees and prohibited.
ITAT Hyderabad held that interest payment on late payment of TDS is not compensatory in nature and is not allowable as deduction u/s 37(1) of the Income Tax Act.
ITAT Jaipur held that interest paid on TDS is compensatory in nature and is a business expenditure allowable u/s 37(1) of the Income Tax Act
ITAT Hyderabad held that donations given for compliance with Corporate Social Responsibility (CSR) u/s. 135 of Companies Act to institutions mentioned in Section 80G are qualified for deduction u/s. 80G of the Income Tax Act.
ITAT Mumbai held that the fee paid by the assessee i.e. Tata Consultancy Services towards the brand to Tata and Sons Ltd. is not capital in nature for the reason that the brand is not owned by the assessee. Hence, there cannot be any TP adjustment towards the amount that ought to have been received by the assessee towards brand royalty.
ITAT Mumbai held that disallowance of employee stock option expenses alleging it to be capital expenditure is unsustainable in law in as much as such expenditure are revenue in nature and hence allowable.
