ITAT rules AMP expenses as legitimate business costs u/s 37(1), not capital, for advertising liquor. High Court agrees.

ITAT rules AMP expenses as legitimate business costs u/s 37(1), not capital, for advertising liquor. High Court agrees. https://www.taxtmi.com/highlights?id=66531 Disallowance of AMP expenditure u/s 37(1) - Revenue expenditure or capital expenditure - advertising and promotion of liquor in India - ITAT has held that the AMP expenditure incurred by the Assesee was in the nature of bonafide business expenditure in furtherance of its legitimate business interests. - Order of ITAT allowing the deduction sustained - HC en-us Mon, 14 Nov 2022 17:06:20 +0530 Mon, 14 Nov 2022 17:06:20 +0530 TaxTMI RSS Generator ITAT rules AMP expenses as legitimate business costs u/s 37(1), not capital, for advertising liquor. High Court agrees. https://www.taxtmi.com/highlights?id=66531 Disallowance of AMP expenditure u/s 37(1) - Revenue expenditure or capital expenditure - advertising and promotion of liquor in India - ITAT has held that the AMP expenditure incurred by the Assesee was in the nature of bonafide business expenditure in furtherance of its legitimate business interests. - Order of ITAT allowing the deduction sustained - HC Highlights Income Tax Mon, 14 Nov 2022 17:06:20 +0530 https://www.taxtmi.com/highlights?id=66531