Deduction u/s 37 of the Finance Act, 2014 allowed on safety and work environment expenditure
Reetu | Oct 9, 2021 |
Deduction u/s 37 of the Finance Act, 2014 allowed on safety and work environment expenditure
Expenditure towards the safety and work environment was incurred for deriving benefit for the purposes of business of assessee and is allowable as deduction u/s 37 of the Finance Act, 2014
M/s Toyota Boshoku Automotive India Pvt. Ltd. vs The Deputy Commissioner of Income Tax, LTU Bangalore; 24.09.21; ITA No. 1704/Bang/2018
Appeal filed by assessee against the order by CIT(A), Bengaluru, on the grounds that the Ld. CIT(A) erred in not accepting the contentions of the assessee company that layout charges of Rs.74,82,268/- incurred by the assessee company is in revenue in nature and the same is allowable under section 37 of Income Tax Act, 1961. Further that the CIT (A) erred in not appreciating the fact that expenses incurred in connection with readjustment and relocation of machineries in the existing building including for reasons of employees safety.
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