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of <h1>Supreme Court Rules Pharma Freebies to Doctors Not Deductible u/s 37(1) of Income Tax Act.</h1> The Supreme Court addressed whether expenses incurred by pharmaceutical companies for distributing incentives or 'freebies' to medical practitioners qualify as allowable business expenditure under Section 37(1) of the Income Tax Act, 1961. The court held that such expenses are not deductible, as they are 'prohibited by law' under the amended Indian Medical Council Regulations, which prohibit medical practitioners from accepting such incentives. This prohibition extends to the pharmaceutical companies providing these incentives, as it undermines public policy and the fiduciary trust between doctors and patients. Consequently, the court upheld the denial of tax benefits for these expenditures.
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