https://www.taxtmi.com/caselaws?id=297545 The Court upheld the Tribunal's decision disallowing the deduction of contributions to PACs development fund and PACs manager's salary security fund as business expenditure under section 37 of the Act. The Court emphasized that the amounts were not diverted and must be considered in determining business profits. Additionally, the Court clarified that duty drawbacks and similar items should not be treated as adjustments to the cost of goods, constituting independent income sources. The appeal against the Tribunal's decision was dismissed, ruling in favor of the department and against the assessee. en-us Thu, 20 Apr 2017 00:00:00 +0530 Fri, 10 Sep 2021 02:19:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297545 The Court upheld the Tribunal's decision disallowing the deduction of contributions to PACs development fund and PACs manager's salary security fund as business expenditure under section 37 of the Act. The Court emphasized that the amounts were not diverted and must be considered in determining business profits. Additionally, the Court clarified that duty drawbacks and similar items should not be treated as adjustments to the cost of goods, constituting independent income sources. The appeal against the Tribunal's decision was dismissed, ruling in favor of the department and against the assessee. Case-Laws Income Tax Thu, 20 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297545