Court Rules on Disallowance of Business Expenses u/s 37(1) of Income Tax Act; MCI Guidelines Insufficient Basis.

Court Rules on Disallowance of Business Expenses u/s 37(1) of Income Tax Act; MCI Guidelines Insufficient Basis. https://www.taxtmi.com/highlights?id=57577 Disallowance of expenditure u/s 37(1) - expenditure under various heads of expenses such as doctors' spends, gifts & external and internal conference, etc - when an expenditure is an allowable business expenditure as per the provisions of the Act, then by invoking the provisions of MCI Guidelines, ad-hoc disallowance cannot be made to the total income without any basis. - AT en-us Tue, 13 Apr 2021 16:39:27 +0530 Tue, 13 Apr 2021 16:39:27 +0530 TaxTMI RSS Generator Court Rules on Disallowance of Business Expenses u/s 37(1) of Income Tax Act; MCI Guidelines Insufficient Basis. https://www.taxtmi.com/highlights?id=57577 Disallowance of expenditure u/s 37(1) - expenditure under various heads of expenses such as doctors' spends, gifts & external and internal conference, etc - when an expenditure is an allowable business expenditure as per the provisions of the Act, then by invoking the provisions of MCI Guidelines, ad-hoc disallowance cannot be made to the total income without any basis. - AT Highlights Income Tax Tue, 13 Apr 2021 16:39:27 +0530 https://www.taxtmi.com/highlights?id=57577