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of <h1>CBDT Circular: Urban Land Tax Deductible for Business Premises u/ss 37 and 57(iii) of Income Tax Act.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) addresses the deductibility of urban land tax in computing business income under the Income Tax Act, 1961. It references a decision by the Punjab & Haryana High Court, which ruled that property tax paid by cinema houses is not deductible. However, the Supreme Court's revised stance in the Travancore Titanium case allows for deductions if the expenditure is incidental to business operations. Consequently, the CBDT, in consultation with the Ministry of Law, has decided that urban land tax paid for business premises is deductible under Sections 37 and 57(iii), instructing officers to follow this guidance.
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