Deduction u/s 37(1) ::
Last updated: 07 September 2007
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).
CA.Saibaburao Nanduri
Published in Income Tax
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