Allowability of business expenditure u/s 37(1) - Old business ...

Voluntary business expenses are tax-deductible u/s 37(1) if they protect the business's reputation, credit, or goodwill.

March 2, 2017

Case Laws Income Tax AT

Allowability of business expenditure u/s 37(1) - Old business wisdom states that even at the cost of lakhs credit/ reputation/goodwill should be preserved(Jaaye laakh, rahe Saakh). In short, expenditure incurred by the assessee even voluntary and without any legal obligation has to be allowed as it was incurred for preserving the reputation of its business - AT

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Allowability of business expenditure u/s 37(1) - Old business ...

Voluntary business expenses are tax-deductible u/s 37(1) if they protect the business's reputation, credit, or goodwill.

March 2, 2017

Case Laws Income Tax AT

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