https://www.taxtmi.com/caselaws?id=457150 ITAT Ranchi held that CSR expenditure incurred under Companies Act, 2013 should be allowed as deduction under section 37(1). The tribunal ruled that since CSR expenditure is mandatory for companies and constitutes a statutory obligation, it must be permitted as business deduction. Following precedent from Jindal Power Ltd., the tribunal found that explanation 2 to section 37(1) effective from August 1, 2015 cannot operate retrospectively. The AO was directed to allow the CSR expenditure as deduction, and the assessee's appeal was allowed. en-us Wed, 23 Nov 2022 00:00:00 +0530 Sat, 07 Sep 2024 16:58:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457150 ITAT Ranchi held that CSR expenditure incurred under Companies Act, 2013 should be allowed as deduction under section 37(1). The tribunal ruled that since CSR expenditure is mandatory for companies and constitutes a statutory obligation, it must be permitted as business deduction. Following precedent from Jindal Power Ltd., the tribunal found that explanation 2 to section 37(1) effective from August 1, 2015 cannot operate retrospectively. The AO was directed to allow the CSR expenditure as deduction, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457150