https://www.taxtmi.com/caselaws?id=371975 The ITAT Kolkata ruled in favor of the assessee, allowing the claimed CSR expenditure as a deduction under section 37(1) of the Income-tax Act, 1961. The tribunal held that the expenditure, mandatory under the Companies Act, 2013, should not be disallowed solely because it was not directly related to the business. The decision emphasized the evolving concept of business to include social responsibility and rejected the retrospective application of Explanation 2 to section 37(1). Consequently, the disallowance of the expenditure was overturned, and the appeal of the assessee was allowed. en-us Fri, 30 Nov 2018 00:00:00 +0530 Sat, 15 Dec 2018 09:58:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371975 The ITAT Kolkata ruled in favor of the assessee, allowing the claimed CSR expenditure as a deduction under section 37(1) of the Income-tax Act, 1961. The tribunal held that the expenditure, mandatory under the Companies Act, 2013, should not be disallowed solely because it was not directly related to the business. The decision emphasized the evolving concept of business to include social responsibility and rejected the retrospective application of Explanation 2 to section 37(1). Consequently, the disallowance of the expenditure was overturned, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371975