Allowable business expenditure u/s 37 - Offence for ...

Court Disallows Business Expense Claim u/s 37 for Compounding Fee Paid for Fire Safety Non-Compliance.

July 6, 2022

Case Laws Income Tax AT

Allowable business expenditure u/s 37 - Offence for non-compliance of fire safety provisions is heinous which may result into breakage of fire putting risk to life and limb of residents as well as other public at large. Any payment made by the assessee as compounding fees for such an offence has rightly been disallowed by the lower authorities. The assessee in this case right from the Assessing Officer to the level of the Tribunal has tried to misguide authorities about the nature of payment which act of the assessee is highly deprecable. - AT

View Source

← Previous Next →

Allowable business expenditure u/s 37 - Offence for ...

Court Disallows Business Expense Claim u/s 37 for Compounding Fee Paid for Fire Safety Non-Compliance.

July 6, 2022

Case Laws Income Tax AT

You may also like:

The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

The ITAT ruled that Portfolio Management Service (PMS) fees paid by the appellant to portfolio managers qualify as expenses "wholly and exclusively incurred in...

Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are:...

Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

Disallowance of expenses u/s 37(1) by the CPC - Associateship fees paid to Mumbai Cricket Association - Membership of the employees of the company including Chairman and...

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

The Commissioner of Income Tax (CIT) invoked Section 263 to revise the Assessing Officer's (AO) order, disallowing the amount paid on termination of an agreement,...

ITAT ruled against double taxation of personal credit card expenses initially disallowed under s.37(1) in company's returns. Where company had already acknowledged...

Business and Promotion expenses - The expenditure incurred by the assessee towards, Bangalore Orthopaedic Society – Conference for practical use of products and Payments...

Claim of expenditure u/s 37(1) - medical insurance premium paid for the family members of the employees of the company - Claim of expenses allowed as business expenditure.

Revision u/s 263 by CIT - Value Added Tax paid by assessee and claimed as deduction u/s.37 r.w.s. 43B or u/s 40(a)(iib) - scope of amended provisions of section...

Disallowance of sales promotion expenses being gifts to doctors and hospitals - Allowable business expenditure u/s 37(1) - the MCA regulations are applicable to the...

Quick Updates: