Advances written off for employees and cylinders are regular business expenses u/s 37(1) of the Income Tax Act.

Advances written off for employees and cylinders are regular business expenses u/s 37(1) of the Income Tax Act. https://www.taxtmi.com/highlights?id=39287 Advances written off - deduction u/s 37(1) - Advances to the employees or advances made for cylinders have to be held to made for carrying out business of the assessee - The expenses were of revenue nature.As there was direct and intimate relation between the advances made and the business of the assessee,same has to be allowed as regular business expenditure u/s.37 - AT en-us Mon, 07 May 2018 08:25:32 +0530 Mon, 07 May 2018 08:25:32 +0530 TaxTMI RSS Generator Advances written off for employees and cylinders are regular business expenses u/s 37(1) of the Income Tax Act. https://www.taxtmi.com/highlights?id=39287 Advances written off - deduction u/s 37(1) - Advances to the employees or advances made for cylinders have to be held to made for carrying out business of the assessee - The expenses were of revenue nature.As there was direct and intimate relation between the advances made and the business of the assessee,same has to be allowed as regular business expenditure u/s.37 - AT Highlights Income Tax Mon, 07 May 2018 08:25:32 +0530 https://www.taxtmi.com/highlights?id=39287