Section 37: Deductible Business Expenses Must Be Wholly and Exclusively for Business, Not Personal Use. Assessee Bears Proof Burden.

Section 37: Deductible Business Expenses Must Be Wholly and Exclusively for Business, Not Personal Use. Assessee Bears Proof Burden. https://www.taxtmi.com/highlights?id=43153 Business expenditure u/s 37 - Word ‘wholly’ refers to quantum of expenditure and word ‘exclusively’ refers to motive, object and purpose of the expenditure. Personal expenses or money spend for private purpose is not deductible. They fail the business expediency test - onus on the assessee to prove. en-us Fri, 07 Dec 2018 16:58:33 +0530 Fri, 07 Dec 2018 16:58:33 +0530 TaxTMI RSS Generator Section 37: Deductible Business Expenses Must Be Wholly and Exclusively for Business, Not Personal Use. Assessee Bears Proof Burden. https://www.taxtmi.com/highlights?id=43153 Business expenditure u/s 37 - Word ‘wholly’ refers to quantum of expenditure and word ‘exclusively’ refers to motive, object and purpose of the expenditure. Personal expenses or money spend for private purpose is not deductible. They fail the business expediency test - onus on the assessee to prove. Highlights Income Tax Fri, 07 Dec 2018 16:58:33 +0530 https://www.taxtmi.com/highlights?id=43153