The Madras High Court, in Principal of Commissioner of Income Tax vs M/s Managed Information Services Private Limited, has held that the test to determine whether or not a particular expenditure incurred by an assessee be allowed under Section 37 of Income Tax Act is to ascertain whether or not the expenditure in issue is incurred wholly and exclusively for the purpose of business i.e., incurred on account of commercial expediency of the assessee.
Article referred: http://www.livelaw.in/legal-fee-expense-allowed-income-tax-act-incurred-commercial-expediency-madras-hc-read-judgment/
Article referred: http://www.livelaw.in/legal-fee-expense-allowed-income-tax-act-incurred-commercial-expediency-madras-hc-read-judgment/
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