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“Section 36(1)(h)”

Section References (mined)Section 36Section 36(1)(h)1 judgments

The decision most relied on for Section 36(1)(h) is Indian Molasses Co. Pvt. Ltd. v. CIT (37 ITR 66), cited in 206 judgments on BharatTax.

Leading authorities on Section 36(1)(h)

Indian Molasses Co. Pvt. Ltd. v. CIT
37 ITR 66 · 1959 · Supreme Court
206
citing judgments

Expenditure is defined as money paid out or away, which is gone irretrievably. To be deductible under Section 37(1), expenditure must be wholly and exclusively for business, not capital or personal, and not fall under specific provisions of Sections 30 to 36, often justifiable on grounds of commercial expediency.

CIT v. Max India Ltd. (P&H) High Court
398 ITR 209 · 2017 · High Court
40
citing judgments

No interest disallowance can be made if interest-free funds available are sufficient for interest-free loans and advances.

Judgments citing Section 36(1)(h)

Tmf Holdings Ltd, Mumbai vs. ACIT Circle 1(3)(2), Mumbai

In the result, the grounds raised by the assessee are allowed

ITA 2031/MUM/2024[2015-16]Status: DisposedITAT Mumbai03 Oct 2024AY 2015-16

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

Section 143(3)Section 234DSection 36(1)Section 36(1)(iii)Section 43B

event and did not have a maturity date, such instrument is more akin to an equity instrument. Coming back to the provisions of section 36(1)(H) of the Act. which provides for allowance of the amount of the interest paid in respect of capital burrowed, it is well settled