Business Expenditure 2019 : Allowable and Not allowable under Income Tax : Book

By | June 7, 2019
(Last Updated On: June 7, 2019)

BUSINESS EXPENDITURE HELD ALLOWABLE, NOT ALLOWABLE, PARTLY ALLOWABLE WITH TESTS/PRINCIPLES FOR DETERMINATION 2019

Business Expenditure 2019 : Allowable and Not allowable under Income Tax : Book

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  • Paperback: 719 pages
  • Publisher: TAX PUBLISHERS; YEAR 2019 edition (15 January 2019)

Firstever Rigorous and Practice Specific Analytical Study of Section 37(1) of the Income Tax Act.

 Parts and Chapters coined in a manner that every reader may be able to reach the required case for or against or Partly so, practically instantly.

 Chapters as far as possible divided under following Headings :

A. Principles as to Determination of Nature of Expenditure,

B. Instances where Expenditure Held Allowable,

C. Instances where Expenditure Held Not Allowable,

D. Instances where Expenditure Held Partly Allowable.

 Study and mentioning of around 3,700 case law in the Book. Cases available upto 15th August, 2018 taken notice of.

 Website support providing full reports of case law with head notes of nearly all the cited Case law, Circulars, Notifications discussed in the Book, coming free with the Printed Book.

Section 37(1) of the Income Tax Act is a residuary provision having tremendeous importance while computing income under the head “profits and gains from business or profession”. Expenditures which are not deductible under any specific provision are deductible under section 37(1), subject to fulfilment of conditions prescribed therein. These conditions are:

(i) expenditure must be revenue expenditure and not in the nature of capital expenditure;

(ii) it must be laid out or expended wholly and exclusively for the purpose of the business or profession carried on by the assessee;

(iii) it must not be of the nature described in sections 30 to 36;

(iv) expenditure should not be personal expenditure of the assessee;

(v) expenditure should have been incurred in the previous year; and

(vi) expenditure should not have been incurred for the purpose which is an offence or which is prohibited by law.

While running a business or profession various kinds of expenses have to be incurred. In order to determine their deductibility under section 37(1), one has to go through certain tests or principles based on the abovementioned conditions. Further, there is a huge case law bank which provides guidelines for determining the nature of a particular expenditure.

The present book is an innovative effort of its kind for rigorously analysing the scope and ambit of section 37(1) of the Income Tax Act. The contents of the book are divided in as many as 10 Parts, comprising 71 Chapters in all. These Parts are :

 Part I:Introductory
 Part II:Tests for Determining Allowability or Disallowability of Expenditure
 Part III:Accrual of Liability Vis-a-Vis Allowability
 Part IV:Expenditure Relating to Setting Up, Acquisition & Protection of Business & Business Assets
 Part V:Fund Raising Expenditure
 Part VI:Expenditure Vis-a-Vis Running of Business
 Part VII:Payments Against Statutory Obligations
 Part VIII:Payments Vis-a-Vis Employees
 Part IX:Expenditures Specific to Particular Kinds of Assessees
 Part X:Treatment of Illegal Expenses & CSR Expenses

The headings of parts are self-explanatory. Each of the Chapters dealing with a particular type of expenditure is further divided under the following headings as far as possible :

A. Principles as to Determination of Nature of Expenditure

B. Instances where Expenditure Held Allowable

C. Instances where Expenditure Held Not Allowable

D. Instances where Expenditure Held Partly Allowable

The presentation and lay out of the Chapters ensure instant access to the desired case law relevant to particular nature of expenditure for or against the assessee. Every user of the book would therefore be able to find answer regarding question before him in an easy and quick manner.

Incorporation of around 3,700 case law reflects the rigour and strength of the book. Website support available free of cost with the book provides full reports of case law along with the headnotes of nearly all of cases cited in the book apart from Circulars and Notifications discussed in the book.

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