M/S ROCKMAN CYCLES INDS. LTD. vs. COMMR. OF INCOME TAX, LDH. AND ANR.
The appeals are allowed and impugned orders are
ITA/244/2005HC Punjab & Haryana09 Feb 2023
Bench: MS. JUSTICE RITU BAHRI,MRS. JUSTICE MANISHA BATRA
Section 143Section 260Section 37
37.(1) Any expenditure (not being expenditure of the
nature described in sections 30 to 36and not being in the nature
of capital expenditure or personal expenses of the assessee), laid
out or expended wholly and exclusively for the purposes of the
business or profession shall be allowed in computing the income
chargeable under the head "Profits and gains
