Deduction u/s 37(1) ::
Last updated: 07 September 2007
Court :
HC
Brief :
Held by hon"ble court that as the expenditure was incurred on purely commercial basis and as no deficiency was found in books of accounts the assessee was entitled to claim deduction for expenses incurred u/s 37(1).
Citation :
C.I.T Vs. Bhushan Dua
Deduction u/s 37(1)
C.I.T Vs. Bhushan Dua 5/5/2005
(2005) 147 Taxman714(Delhi)
Case Fact: Whether A.O. can disallow expenditure incurred on the basis that the cost incurred by assesse was unreasonably high even if all the accounts were checked and found to be correct.
Decision: Held by hon"ble court that as the expenditure was incurred on purely commercial basis and as no deficiency was found in books of accounts the assessee was entitled to claim deduction for expenses incurred u/s 37(1).
CA.Saibaburao Nanduri
Published in Income Tax
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