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of <h1>Kerala High Court: Bungalow expenses can be considered for disallowance under Income-tax Act</h1> The High Court of Kerala ruled in favor of the Revenue, allowing the expenditure on bungalow maintenance and depreciation to be considered for computing ... Business Expenditure, Ceiling On Perquisite Given To Employees The High Court of Kerala held that the expenditure incurred by a company on maintenance of bungalows used by employees and depreciation on these assets can be considered for computing disallowance under section 40A(5) of the Income-tax Act. The court ruled in favor of the Revenue and against the assessee, based on previous decisions. The judgment will be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.
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