HC disallowed exp. of iron ore business as it was carried on without obtaining necessary permits/licenses

INCOME TAX : Where assessee had been carrying on business of iron ore without obtaining necessary permits and licenses as required under law, since object of Explanation 1 to section 37(1) is to discourage businesses and professions that are tainted with illegality, no deduction or allowance would be admissible in respect of expenditure incurred for purchasing iron ore under section 37(1)INCOME TAX : Where assessee had been carrying on business of iron ore without obtaining necessary permits and licenses as required under law, since object of Explanation 1 to section 37(1) is to discourage businesses and professions that are tainted with illegality, no deduction or allowance would be admissible in respect of expenditure incurred for purchasing iron ore under section 37(1)www.taxmann.com Latest Case LawsRead More

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