Law:

Section:

Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of Expenditure incurred by assessee-company deriving income from manufacture and sale of cycles and its spare parts, on tools and improvement and modification of production machines, was allowable as revenue expenditure [A.Y. 1992-93] Expenditure incurred by the assessee-company deriving income from manufacture and sale of cycles and its spare parts, on tools and improvement and modification of production machines, was allowable as revenue expenditure as the same was certainly relatable to the business of the assessee. Section 36(1)(iii) of the Income-tax Act, 1961 - Interest on borrowed capital Interest paid on money borrowed and given as advance to managing director of company interest free to be utilized by MD as security deposit for acquiring a property, which was ultimately to be rented out to company at a nominal rent, was allowable Interest paid on money borrowed and given as advance to managing director of the company, as security by the assessee to be utilized by MD for acquiring a property, which was ultimately to be rented out to the company at a nominal rent, was allowable as business interest of the assessee in giving interest-free advance in the form of security was well established. Section 80HHC of the Income-tax Act, 1961 - Deduction - Exporters Sales tax and central sales tax do not form part of 'total turnover' of assessee The sales tax and central sales tax do not form part of the total turnover of the assessee for the purpose of computation of incentives under section 80HHC. Section 80HHC of the Income-tax Act, 1961 - Deduction - Exporters For working out incentives under section 80HHC, loss is not to be ignored As held in IPCA Laboratory Ltd. v. Dy CIT [2004] 266 ITR 521 (SC) for working out the incentives under section 80HHC, loss is not to be ignored. Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of Distribution of gift articles to dealers certainly generates goodwill which has direct relation with business of assessee and hence expenditure thereon is allowable As held in CIT v. Avery Cycle Industries Ltd. [2008] 296 ITR 393…

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