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Elem Investments P. Ltd., Hyd, ... vs Acit, Central Circle-8, Hyd, Hyderabad on 13 April, 2022
cites
Birla Cotton Spinning & Weaving Mills ... vs Commissioner Of Income-Tax Calcutta. on 3 March, 1967
Expenses incurred though not directly related to earning
to income, may be allowable deductions if they are related to the
carrying on of the business vide Birla Cotton Spinning & Weaving
6
ITA Nos.624, 625, 629, 630,
634 & 635/Hyd/2015
Mills Ltd. Vs. CIT (1967) 64 ITR 568 (Cal)). It is for the assessee to
decide how best to protect its own interest.
Commissioner Of Income-Tax, Andhra ... vs Dhanrajgiri Raja Narasingirji on 7 March, 1973
It is not open to AO to
prescribe what expenditure an assessee should incur and in what
circumstances he should incur that expenditure (CIT Vs.
Dhanrajgiri Raja Narasingiri (1973) 91 ITR 544 (SC)). Expression
"commercial expediency" is not a term of art. It mean everything
that serves to promote commerce and includes every means
suitable to that end.
Jamshedpur Motor Accessories Stores vs Commissioner Of Income-Tax on 24 April, 1973
In applying the test of commercial expediency
for determining whether the expenditure was wholly and
exclusively laid out for the purposes of the business,
reasonableness of the expenditure has to be adjudged from the
point of view of the businessman and not of the revenue
(Jamshedpur Motor Accessories Stores Vs. CIT (1974) 95 ITR 664
(Pat); J.K. Woollen Manufacturers Vs CIT (1969) 72 ITR 612 (SC).
J.K. Woollen Manufacturers vs Commissioner Of Income-Tax, U.P on 2 August, 1968
In applying the test of commercial expediency
for determining whether the expenditure was wholly and
exclusively laid out for the purposes of the business,
reasonableness of the expenditure has to be adjudged from the
point of view of the businessman and not of the revenue
(Jamshedpur Motor Accessories Stores Vs. CIT (1974) 95 ITR 664
(Pat); J.K. Woollen Manufacturers Vs CIT (1969) 72 ITR 612 (SC).
The Commissioner Of Income-Tax,Bombay vs Chandulal Keshavlal & Co., Petlad on 17 February, 1960
In CIT Vs. Chandulal Keshavlal & Co. (1960) 38 ITR 601 (SC), it
was held by the SC that in deciding whether a payment of money
is a deductible expenditure, one has to take into consideration
questions of commercial expediency and the principles of ordinary
commercial trading.
Molson Coors Cobra India P.Ltd, Mumbai vs Dcit 3(1), Mumbai on 15 March, 2017
10.1. The Co-ordinate Bench in the case of Coca Cola India
(P) Ltd., Vs. DCIT [116 TTJ 880], [ITAT (Pune)] has considered the
provisions of Section 37(1) and laid down the following principles:
The Commissioner Of Income Tax Iii vs Ashok J. Patel on 9 December, 2016
7. Mr. Goutam next raised yet another argument that
the assessees' payees herein are their relatives
u/s.40A(2)(b) of the Act wherein the learned lower
authorities have clearly made out a case of excessive
9
ITA Nos.624, 625, 629, 630,
634 & 635/Hyd/2015
payments. We find no substance in the Revenue's last
argument as well as the Assessing Officer has nowhere
determined the market rate of services to disallow the
alleged excessive element in the impugned light of (2014) 43
txmann.com 227 CIT Vs. Ashok J Patel (Gujarat).
Section 31 in The Income Tax Act, 1961 [Entire Act]
Sassoon J. David & Co. (P) Ltd., Bombay vs C.I.T., Bombay on 3 May, 1979
(Sasson J. David & Co. (P)
Ltd. Vs. CIT (1979) 118 ITR 261 (SC)). Though the main objects of
business is to earn profits, business purposes are wider than
profit-making purposes. Business expediency does not require
that expenses should be incurred only for earning immediate
profits.