Voluntary business expenses are tax-deductible u/s 37(1) if they protect the business's reputation, credit, or goodwill.

Voluntary business expenses are tax-deductible u/s 37(1) if they protect the business's reputation, credit, or goodwill. https://www.taxtmi.com/highlights?id=33514 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 en-us Thu, 02 Mar 2017 07:58:15 +0530 Thu, 02 Mar 2017 07:58:15 +0530 TaxTMI RSS Generator Voluntary business expenses are tax-deductible u/s 37(1) if they protect the business's reputation, credit, or goodwill. https://www.taxtmi.com/highlights?id=33514 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 Highlights Income Tax Thu, 02 Mar 2017 07:58:15 +0530 https://www.taxtmi.com/highlights?id=33514