Asset management company expenses u/s 37 are allowable post-SEBI approval and Companies Act registration.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Allowability of expenses u/s 37 - asset management company - twin conditions, firstly that the tax- payer company should be registered under the Companies Act, 1956 and secondly it should be approved as such by SEBI - expenses allowable from date of approval by SEBI....