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2013 (9) TMI 884 - HC - Income TaxAllowability of Scholarship expenditure as business expense - revenue contended that Scholarship was given to only one student namely, Akash Kumar for getting education in U.S.A. - according to revenue the said expenditure cannot be claimed as business expenditure. – Held that:- Scholarship scheme resulted in higher receipt in the subsequent years, which shows that business has increased tremendously. It means that by providing foreign Scholarship, more students were attracted. It is a business strategy/intelligentsia - Yardstick will have to be seen from the businessman's point of view, as observed in the case of CIT v. M/S. Walchand & Co. (Pvt.) Ltd.[2013 (9) TMI 450 - ITAT AHMEDABAD] – Expenditure allowed – Decided against the Revenue.
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