https://www.taxtmi.com/caselaws?id=411608 The Tribunal allowed the appellant's claim for Corporate Social Responsibility (CSR) expenditure disallowed by the Ld. CIT(A), directing the Assessing Officer to permit the deduction for the expenses incurred. It held that CSR expenses were allowable under section 37 if incurred wholly and exclusively for business purposes, citing precedents where such expenses were allowed as revenue expenditure. The Tribunal clarified that Explanation-2 to section 37(1) was applicable from the assessment year 2015-16 onwards, thus allowing the appeal in favor of the assessee for the assessment year 2014-15. en-us Fri, 27 Aug 2021 00:00:00 +0530 Sat, 28 Aug 2021 09:23:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411608 The Tribunal allowed the appellant's claim for Corporate Social Responsibility (CSR) expenditure disallowed by the Ld. CIT(A), directing the Assessing Officer to permit the deduction for the expenses incurred. It held that CSR expenses were allowable under section 37 if incurred wholly and exclusively for business purposes, citing precedents where such expenses were allowed as revenue expenditure. The Tribunal clarified that Explanation-2 to section 37(1) was applicable from the assessment year 2015-16 onwards, thus allowing the appeal in favor of the assessee for the assessment year 2014-15. Case-Laws Income Tax Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411608