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...
ITAT Chennai held that before the 2016 amendment, DSIR approval under Section 35(2AB) related to the in-house R&D facility and not yearly expenditure quantification. The Tribunal upheld full weighted deduction despite partial approval in Form 3CL.
The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affected by OFAC sanctions. The Tribunal held that the expenditure was incurred wholly and exclusively for business purposes.
The Pune ITAT ruled that purchases cannot automatically be disallowed merely because suppliers failed to reply to notices issued under Section 133(6). The Tribunal restored the matter for fresh verification after considering documentary evidence produced by the assessee.
The Mumbai ITAT held that donations made as part of CSR expenditure can still qualify for deduction under Section 80G if statutory conditions are satisfied. The Tribunal clarified that disallowance under Section 37 does not prohibit relief under Chapter VI-A.
ITAT Delhi confirmed deletion of addition on alleged diversion of interest-bearing funds, holding that hypothetical or notional income cannot be brought to tax. The ruling relied on the principle that only real income is taxable.
The ITAT held that CSR expenditure disallowed as business expenditure under Section 37(1) can still qualify for deduction under Section 80G if statutory conditions are satisfied. Revision under Section 263 was accordingly quashed.
ITAT allows deduction of interest paid under capital bond agreement, holding a clear contractual obligation existed; since corresponding interest income was taxed, matching liability must be allowed-disallowance deleted as one-sided taxation is impermissible.
The case addressed disallowance of employee contributions deposited beyond prescribed timelines. The Tribunal upheld the legal position but directed verification of actual compliance with statutory due dates.
The case involved disallowance of employee contributions during return processing. The Tribunal held such adjustments invalid on debatable issues and directed deletion of additions.
The relocation did not lead to structural enhancement of business assets. The Tribunal ruled that such expenses remain in the revenue field. The decision distinguishes between operational and capital expenditure.
