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2003 (10) TMI 10 - HC - Income TaxContribution to the export promotion fund - "Whether the contribution made to Bhilwara Export Fund by the assessee could be termed as expenditure laid out or expended wholly and exclusively for the purposes of the business, while the Bhilwara Export Fund has only charitable objects without having business purpose and the Income-tax Appellate Tribunal is justified in allowing the deductions of Rs. 15 lakhs under section 37(1) of the Act?" - Tribunal has rightly reached its conclusion that contribution to the export promotion fund was made by the assessee in his business expediency for promoting its business interest by augmenting exports. Such expenses are incurred and laid out wholly and exclusively for the purpose of the assessee's business, hence allowable as deduction under section 37(1)
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