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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Allowablity of Legal expenses u/s 37 - defending company & MD in ...

Income Tax

July 3, 2019

Allowablity of Legal expenses u/s 37 - defending company & MD in criminal proceedings - since the Hon’ble Supreme Court has quashed the entire proceedings against the Company & MD, they had not committed any offence and company has decided to defend the MD to protect the image and goodwill of the company - allowable as business expenditure

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  2. Professional charges paid for defending criminal case against an employee committed as a person in personal capacity is not allowable as deduction u/s 37

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  4. Dishonor of Cheque - insufficiency of funds - HC has quashed the entire criminal proceedings - the High Court has grossly erred in quashing the criminal proceedings by...

  5. Dishonor of Cheque - Though, the Court has the power to quash the criminal complaint filed u/s 138 of the N.I. Act on the legal issues like limitation, etc. Criminal...

  6. Provision made for future expenses - Allowablity u/s 37(1) - complete details filed by the assessee to show that the expenditure in question was not contingent liability...

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  8. Assessment proceedings against one of the legal heirs - deceased/assessee had admittedly more than one legal representatives - Despite the legal heir's explicit...

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