Income Tax Judgement- Section 37(1) of the Income Tax Act, 1961

Section 37 Income Tax Judgement

Section 37(1) of the Income Tax Act, 1961- Business Expenditure- Fraudulent withdrawal of money from assessee’s bank account by an unknown person which could not be recovered as an event occurring in the regular course of business and therefore, the impugned amount is allowable as business expenditure under section 37(1)– Assistant Commissioner of Income Tax vs. Timex Watches Ltd (2017) 183 TTJ (Delhi)27

Other Case Related to SEction 37 Income tax

1. Bairampur Sugar v. C.I. T. (1982) 135 ITR 227 (Cal.).

2. Additional. C.I. T. v. Tarun Commercial Mills (1976) Tax (B) 48.

3. Bairampur Sugar v. C.I. T. (1982) 135 ITR 227 (Cal.).