https://www.taxtmi.com/highlights?id=60072 Disallowance on account of expenses incurred on corporate social responsibility - Both the lower authorities have disallowed the expenses only on the ground that Explanation -2 is clarificatory and retrospective in nature - said Explanation -2 is prospective in nature, we hold that expenses incurred on corporate social responsibility in the year under consideration i.e. AY 2014-15, cannot be disallowed invoking Explanation-2 to section 37(1) of the Act. - AT en-us Tue, 12 Oct 2021 14:36:00 +0530 Tue, 12 Oct 2021 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60072 Disallowance on account of expenses incurred on corporate social responsibility - Both the lower authorities have disallowed the expenses only on the ground that Explanation -2 is clarificatory and retrospective in nature - said Explanation -2 is prospective in nature, we hold that expenses incurred on corporate social responsibility in the year under consideration i.e. AY 2014-15, cannot be disallowed invoking Explanation-2 to section 37(1) of the Act. - AT Highlights Income Tax Tue, 12 Oct 2021 14:36:00 +0530 https://www.taxtmi.com/highlights?id=60072