“Section 37(1)”

Standard Chartered Bank, Mumbai vs. DDIT (It) 2(1), Mumbai

In the result, the appeal filed by the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

incurred for effecting amalgamation of a company was necessary for smooth and efficient conduct of assessee’s business and held as allowable under section 37(1) of the Act (relevant part extracted as under): “The facts concerning the first question are the following: a company named Nawrosjee Wadia Ginning & Pressing ... wherein with respect to the similar nature of services, the Hon’ble ITAT held that the said expenditure is allowable under section 37(1) and should not be restricted under section 44C of the Act. However, in the current year (i.e., AY 2001-02), the Ld. Page

Standard Chartered Bank, Mumbai vs. DDIT (It) 2(1), Mumbai

In the result, ground raised by the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

erred in holding that direct expenses incurred outside India of Rs.27,27,34,667/ {are allowable under section 37(1) of the Income-tax Act and not subject to limits prescribed under section 44C of the Income-tax Act} as against expenses of Rs. 14,23,74,212/- claimed ... Canadian company to an unfair disadvantage in as much as even legitimate business expenses attributable to the PE and deductible under Section 37(1) of the Act cannot be allowed as a deduction in the light of restriction placed under Section 44C of the Act, whereas all the legitimate business

M/S. Standard Chartered Bank, Mumbai vs. DDIT (I.T) - 2(1), Mumbai

In the result, the appeal of revenue is partly allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

deposits from NRI’s in Dubai and London. 1.3 AO’s contention (Page 7, para 4.5): The AO disallowed the entire expenditure under section 37(1) as expense is not laid-out/incurred wholly and exclusively for purpose of SCB India and not debited in books. Further, the AO treated ... business of the Appellant in India and not in nature of Head Office expenses and allowed the deduction of the expenses under section 37(1) of the Act. 1.5 Assessee’s submission: The Assessee submits that this issue is covered in favor of the Assessee by a decision

The Deputy Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Neepa Real Estates Pvt Ltd, Mumbai

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Years: 2017-18 The Deputy Commissioner M/S. Neepa Real Estates Of Income Tax, Pvt. Ltd., 12Th Floor, Hallmark Central Circle -6(1), Room No. 1905, Business Plaza, Vs. 19Th Floor, Sang Dnyaneshwar Marg, Air India Building, Near Gurunanak Hospital, Nariman Point, Bandra East, Mumbai- 400 021 Mumbai- 400 051 Pan: Aaacn1884C (Appellant) (Respondent)

remote connection with the business satisfies the test ITA No.2977/PUN/2017 Kumar Properties and Real Estate Private Limited of 'for the purpose of business'. Section 37(1) of the Act, granting other deductions, also uses similar expression - 'for the purposes of the business or profession'. This has been interpreted

Bayer Cropscience Ltd (Sucessor to Monsanto India Limited Mil), Mumbai vs. DCIT RG- 10(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

connection with providing incentive through stock options-related benefits to the employees, expenses incurred by it were claimed as a deduction under section 37(1) of the Act. 32. The AO vide order dated 29/01/2016 passed under section 143(3) of the Act did not agree with the submissions ... primarily on the basis that the expenditure incurred is not real expenditure and is notional in nature so as to claim deduction under section 37(1) of the Act. We find that similar contentions of the Revenue were rejected by the Hon’ble Karnataka High Court in CIT v/s Biocon

JCIT (OSD)- 10(2)(2), Mumbai vs. Bayer Cropscience Ltd (Sucessor to Monsanto India Limited, Mumbai

In the result, the appeal by the assessee is partly allowed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

connection with providing incentive through stock options-related benefits to the employees, expenses incurred by it were claimed as a deduction under section 37(1) of the Act. 32. The AO vide order dated 29/01/2016 passed under section 143(3) of the Act did not agree with the submissions ... primarily on the basis that the expenditure incurred is not real expenditure and is notional in nature so as to claim deduction under section 37(1) of the Act. We find that similar contentions of the Revenue were rejected by the Hon’ble Karnataka High Court in CIT v/s Biocon

Bayer Cropscience Ltd (Sucessor to Monsanto India Limited Mil), Mumbai vs. DCIT RG- 10(2)(2), Mumbai

In the result, the appeal by the assessee is partly allowed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

connection with providing incentive through stock options-related benefits to the employees, expenses incurred by it were claimed as a deduction under section 37(1) of the Act. 32. The AO vide order dated 29/01/2016 passed under section 143(3) of the Act did not agree with the submissions ... primarily on the basis that the expenditure incurred is not real expenditure and is notional in nature so as to claim deduction under section 37(1) of the Act. We find that similar contentions of the Revenue were rejected by the Hon’ble Karnataka High Court in CIT v/s Biocon