Friday, February 26, 2021

Sum paid for construction of swimming pool which would display assessee’s name not allowable as advt. exp.

INCOME TAX : Where assessee, a partnership firm, contributed certain sum to a school for purpose of construction of a swimming pool in that school and claimed said sum as advertisement expenditure on ground that name of assessee was displayed near swimming pool and hence same would promote brand of assessee, since

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197262/sum-paid-for-construction-of-swimming-pool-which-would-display-assessee’s-name-not-allowable-as-advt-exp.aspx

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...