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| The Tax Publishers2020 TaxPub(DT) 1159 (Bom-HC) INCOME TAX ACT, 1961
Section 37 explanation
On issue, as to whether Tribunal was right in upholding disallowance by invoking the provisions of Explanation 1 to section 37 of the Income Tax Act, 1961, appeal was admitted as raising substantial question of law.
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Business expenditure - Applicability of Explanation 1 to section 37 - Admission of appeal before Court -
Issue arose as to whether Tribunal was right in upholding orders of the lower authorities and disallowing the amount of Rs. 87,61,920.65 paid to Al Azhar Trading Company, Dubai and Rs. 1,78,676.00 paid to Kirloskar Middle East FZE (KMEF) by invoking the provisions of Explanation 1 to section 37 of the Income Tax Act, 1961 . Held: Appeal was admitted as raising substantial question of law.
REFERRED :
FAVOUR : Appeal admitted
A.Y. :
INCOME TAX ACT, 1961
Section 37 read with section 260A
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