Tag Archives: Section 37

No disallowance of Expenses because benefit of research were not shown

Held The disallowance cannot be made only on the ground that results of the research were not shown by the assessee during the year under consideration. The benefit of research may or may not yield in the year under consideration. But, that would not determine allowability of the expenses or otherwise. Thus, taking into account… Read More »

Club membership fee paid for employee is admissible business expenditure

IN THE ITAT MUMBAI BENCH ‘F’ Foods and Inns Ltd. v. Assistant Commissioner of Income-tax, Circle 10(2), Mumbai JASON P. BOAZ, ACCOUNTANT MEMBER AND SANDEEP GOSAIN, JUDICIAL MEMBER IT APPEAL NOS. 1262/MUM/2011, 6629/MUM./2012 & 6271/MUM./2014 [ASSESSMENT YEARS 2007-08, 2009-10 & 2010-11] JUNE  7, 2016 Keshav B. Bhujle for the Appellant. G.M. Doss and S.R. Kirtane… Read More »

Power of search, seizure, etc. under FEMA

Section – 37, Foreign Exchange Management Act, 1999 Power of search, seizure, etc. 37. (1) The Director of Enforcement and other officers of Enforcement, not below the rank of an Assistant Director, shall take up for investigation the contravention referred to in section 13. (2) Without prejudice to the provisions of sub-section (1), the Central… Read More »