Source of fund from which exp. is incurred is not relevant while allowing deduction for business purposes: SC

INCOME TAX: Where disbursements of grants was held to be core business of appellant corporation, expenditure incurred in course of business and for purpose of business would naturally be an allowable deduction under section 37(1) Source of funds from which expenditure is made is not relevant It is also not really relevant as to whether expenditure is incurred out of corpus funds or from interest income earned by appellant corporation Further, merely because grants benefit a third party,

from www.taxmann.com Latest Case Laws https://ift.tt/2ZwJTzy