Deduction u/s 37(1) ::

Court :
HC

Brief :
Held by hon"ble court that the company had incurred expenditure for the benefit of employees" and it could be said that such expenses were incurred wholly and exclusively for the purpose of business.Thus assessee was entitled to claim deduction u/s 37(1).

Citation :
C.I.T Vs. Rajasthan Spg. & Wvg. Mills Ltd.

Deduction u/s 37(1) C.I.T Vs. Rajasthan Spg. & Wvg. Mills Ltd. 9/17/2004 (2005) 147 Taxman131(Raj.) Case Fact: Whether amount spent on purchase of bus which was donated to a school in which children of employees were receiving education, be claimed as deduction u/s 37(1). Decision: Held by hon"ble court that the company had incurred expenditure for the benefit of employees" and it could be said that such expenses were incurred wholly and exclusively for the purpose of business.Thus assessee was entitled to claim deduction u/s 37(1).

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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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