Deduction u/s 37(1) ::

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).

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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