https://www.taxtmi.com/circulars?id=11763 Expenses by pharmaceutical and allied health sector entities for freebees to medical practitioners or their associations that violate the Indian Medical Council Regulations, 2002 are inadmissible as business deductions under section 37(1) of the Income Tax Act because the Explanation denies deduction for expenses incurred for purposes prohibited by law; the provider must face disallowance. The equivalent value of such freebees is taxable in the hands of the recipient as business income or income from other sources, subject to factual examination by assessing officers. en-us Wed, 01 Aug 2012 00:00:00 +0530 Sat, 04 Aug 2012 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11763 Expenses by pharmaceutical and allied health sector entities for freebees to medical practitioners or their associations that violate the Indian Medical Council Regulations, 2002 are inadmissible as business deductions under section 37(1) of the Income Tax Act because the Explanation denies deduction for expenses incurred for purposes prohibited by law; the provider must face disallowance. The equivalent value of such freebees is taxable in the hands of the recipient as business income or income from other sources, subject to factual examination by assessing officers. Circulars Income Tax Wed, 01 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11763