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2018 (8) TMI 1643 - AT - Income TaxDiminution in value of GOI Fertiliser Bonds - Held that:- We direct the AO to delete the addition made on account of diminution in value of GOI fertiliser bonds. Disallowance of school expenses - Held that:- The expenditure met by the assessee was wholly and exclusively for the welfare of its employees and also for carrying on business of the assessee company more efficiently by having a contended labour force. It was neither a donation covered under section 40A(9) nor a capital in nature not covered by section 37(1) of the Act. Hence, the Tribunal was justified in allowing the above expenditure towards contribution for the running of the FACT School, as an expenditure for the smooth functioning of the business of the assessee and an expenditure wholly and exclusively for the welfare of the employees of the assessee and thus, allowable under section 37(1) as well as section 40A(10) of the Act.
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