Section 37: Revenue Expenditure Cannot Be Disallowed Entirely in Year Incurred Based on Benefit Received Premise.

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Full Text of the Document

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....Nature of expenditure - There is no provision in the Act to disallow revenue expenditure under Section 37 of the Act in its entirety, in the year in which the expenditure is incurred, on the basis that it has to be allowed only to the extent benefit is received.....