https://www.taxtmi.com/caselaws?id=285031 Marketing and sales promotion expenses of a pharmaceutical company were held not disallowable under section 37(1) merely because they were said to conflict with Medical Council of India regulations or CBDT Circular No. 5/2012, since those regulations govern medical practitioners and not pharma companies, and the prohibition in section 37(1) applies only where the assessee's own expenditure is for an offence or prohibited by law applicable to it. Foreign tax credit on interest income was also allowed in the year the corresponding income was offered to tax, on the footing that relief against double taxation follows the taxed income and may be matched or apportioned under the applicable credit rules. en-us Tue, 27 Aug 2019 00:00:00 +0530 Sun, 22 Dec 2019 07:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285031 Marketing and sales promotion expenses of a pharmaceutical company were held not disallowable under section 37(1) merely because they were said to conflict with Medical Council of India regulations or CBDT Circular No. 5/2012, since those regulations govern medical practitioners and not pharma companies, and the prohibition in section 37(1) applies only where the assessee's own expenditure is for an offence or prohibited by law applicable to it. Foreign tax credit on interest income was also allowed in the year the corresponding income was offered to tax, on the footing that relief against double taxation follows the taxed income and may be matched or apportioned under the applicable credit rules. Case-Laws Income Tax Tue, 27 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285031