Allowability of business expenditure u/s 37(1) - Old business...

Allowability of business expenditure u/s 37(1) - Old business wisdom states that even at the cost of lakhs credit/ reputation/goodwill should be preserved(Jaaye laakh, rahe Saakh). In short, expenditure incurred by the assessee even voluntary and without any legal obligation has to be allowed as it was incurred for preserving the reputation of its business - AT