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2012 (9) TMI 914 - SC - Income Tax
Entitlement to deducted under Section 43-B - Held that:- There is not dispute that the assessee has paid tax which was calculated on estimation under the Karnataka Sales Tax Act, 1957. In the circumstances, Section 43B of the Income Tax Act, 1961, squarely applies. - Decided in favour of assessee.
Club membership fee for employees - disallowance u/s 37 - Held that:- A series of judgements have been passed by High Courts holding that club membership fees for employees incurred by the assessee is business expense under Section 37 of the Income Tax Act, 1961. We also find that none of the decisions have been challenged in this Court. Even otherwise, we are of the view that it is a pure business expense.- Decided in favour of assessee.