section 37(1) - Page 4

Subsidy from Government under Focus Market Scheme is revenue receipt

Hyundai Motor India Ltd. Vs ACIT (ITAT Chennai)

ITAT Chennai held that subsidy received from Government of India under the Focus Market Scheme is Revenue in nature. The same cannot be at any stretch of imagination considered as capital in nature....

Addition u/s 153A in amalgamated company relating to entries in books of amalgamating company prior to amalgamation unjustified

Citygold Education Research Limited Vs DCIT (ITAT Mumbai)

Held that the entries in the books of account of amalgamating companies prior to amalgamation cannot be part of the additions made under section 153A in the hands of the assessee (i.e. amalgamated company). Accordingly, additions deleted....

Deduction u/s 37(1) not available to pharmaceutical company gifting freebies to doctors

DCIT Vs Troikaa Pharmaceuticals Ltd. (ITAT Ahmedabad)

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....

Renovation & refurbishment of hotel rooms & other facilities are revenue expenditure

Asian Hotels Ltd Vs CIT (Delhi High Court)

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....

Payment of gratuity premium to LIC is allowable as business expenditure

ACIT Vs Grand Polycoats Company Pvt. Ltd. (ITAT Ahmedabad)

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....

Revision order u/s 263 without satisfying two essential condition is unsustainable

Daffodills Pharmaceuticals Ltd Vs PCIT (ITAT Delhi)

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....

Expenditure towards brand reminder, customer gifts, purchase of medical books and journals not allowable u/s 37(1)

ACIT Vs Pfizer Limited (ITAT Mumbai)

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....

Deduction u/s 37(1) not allowable on interest paid on late payment of TDS

Analogics Tech India Limited Vs DCIT (ITAT Hyderabad)

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....

Interest on TDS being compensatory in nature is allowable u/s 37(1)

Manglam Arts Vs PCIT (ITAT Jaipur)

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...

Donations to Specified Institutions for CSR Compliance Qualify for Sec. 80G Deduction

Power Mech Projects Ltd Vs DCIT (ITAT Hyderabad)

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....

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