THE KERALA MINERALS AND METALS LIMITED,KOLLAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1, KOLLAM
In the result, the appeal filed by the assessee stands partly allowed
ITA 918/COCH/2024[2007-08]Status: DisposedITAT Cochin16 May 2025AY 2007-08
Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am Assessment Year: 2007-08 The Kerala Minerals & Metals Ltd. .......... Appellant Sankaramangalam, Chavara, Kollam 691583 [Pan: Aaact8118R] Vs. Asst. Commissioner Of Income Tax .......... Respondent Circle - 1, Kollam Appellant By: Shri Rajeev R., Ca Respondent By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 13.05.2025 Date Of Pronouncement: 16.05.2025
For Appellant: Shri Rajeev R., CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)
35A to 35E.
24. Section 37(1) states that any expenditure laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". But, Section 37 (1) excludes three items of expenditure. They are (i) expenditure of the nature described
