• Case Comment: Aditya Minerals V. Commissioner of Income Tax

    Author(s):
    Reeya Saharan, Himachal Pradesh National Law University, Shimla
    Contributor(s):
    IJLLR (see profile)
    Date:
    2021
    Subject(s):
    Law
    Item Type:
    Article
    Permanent URL:
    http://dx.doi.org/10.17613/65j5-xd02
    Abstract:
    Section 37(1) of the Income Tax Act, 1961 says that any expenditure (not being of that nature as mentioned in sections 30 to 36 and not capital expenditure or personal expenses of assessee), laid out or expended wholly or exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains of business or profession.” According to the explanation pertaining to this section any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure.
    Metadata:
    Published as:
    Journal article    
    Status:
    Published
    Last Updated:
    4 months ago
    License:
    Attribution-NonCommercial
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