2025 (1) TMI 1807

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....T AND THE HON'BLE MR JUSTICE G BASAVARAJA FOR THE APPELLANTS : SRI. Y.V. RAVI RAJ AND SRI DILIP M., ADVOCATE) FOR THE RESPONDENT : SMT. TANMAYEE RAJKUMAR., ADVOCATE) ORAL JUDGMENT (PER: HON'BLE MR JUSTICE KRISHNA S DIXIT)  The subject matter of this appeal is similar to the one decided by the Co-ordinate Bench of this Court in the case of Commissioner of Income Tax, LTU....

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....al expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of Section 37 (1) of the Act, it is evident that the aforesaid provision permits deduction for the expenditur....