https://www.taxtmi.com/caselaws?id=310181 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 4,22,38,097 related to periphery development expenses. It held that these expenses, incurred for CSR purposes such as malaria eradication and community welfare, were allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961. The Tribunal clarified that the explanation to Section 37, disallowing CSR expenditure, was prospective from the assessment year 2015-16 and did not apply to CSR expenses incurred prior to that year. en-us Mon, 16 Mar 2020 00:00:00 +0530 Wed, 11 Oct 2023 08:42:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310181 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 4,22,38,097 related to periphery development expenses. It held that these expenses, incurred for CSR purposes such as malaria eradication and community welfare, were allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961. The Tribunal clarified that the explanation to Section 37, disallowing CSR expenditure, was prospective from the assessment year 2015-16 and did not apply to CSR expenses incurred prior to that year. Case-Laws Income Tax Mon, 16 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310181