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| The Tax Publishers2020 TaxPub(DT) 2194 (Bang-Trib) : (2020) 078 ITR (Trib) 0577 INCOME TAX ACT, 1961
Section 37(1)
Where assessee made contribution to Cricket Association for construction of Cricket Academy, following case of assessee for assessment year 2010-11, wherein an identical payment made by assessee under very same agreement for establishing cricket academy was held to be revenue expenditure, expenditure was to be allowed.
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Business expenditure - Allowability - Contribution made to Cricket Association for construction of Cricket Academy -
Issue was as regards disallowance of expenditure being contribution to Cricket Academy amounting to Rs. 1,55,00,000 under section 37 of Income Tax Act, 1961. Held: In respect of an identical payment made by assessee under very same agreement for establishing cricket academy for assessment year 2010-11, issue was considered by Tribunal, holding that expenditure in question was revenue expenditure and should be allowed as a deduction. Following the same, expenditure was to be allowed.
Followed:M/s. Royal Challenger Sports (P) Ltd. v. Dy. CIT 2018 TaxPub(DT) 7631 (Bang-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2012-13
IN THE ITAT, BANGALORE BENCH
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