Section 37(1) of the Income-tax Act, 1961 - Business expendi
Last updated: 09 January 2008
Court :
SUPREME COURT
Brief :
The expression ¡¥commercial expediency¡¦ is an expression of wide import and includes such expenditure as a prudent businessman incurs for the purpose of business. The expenditure may not have been incurred under any legal obligation, yet it is allowable as a business expenditure if it was incurred on grounds of commercial expediency. [Para 25]
Citation :
S.A. Builders Ltd.*
v.
Commissioner of Income-tax (Appeals), Chandigarh
CIVIL APPEAL NOS. 5811 AND 5812 OF 2006
DECIDECD ON 14-12- 2006
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kavita jain
Published in Income Tax
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