17 April 2011
Sir A Pvt. Ltd Concern spent amount of Rs. 400000 on family business Management programm conducted in India for one of the director's education.It debited the same amount to Training Expense A/c Plz tell me if this amt is allowed under Income Tax . ?
17 April 2011
Here, the reason for incurring such expenditure becomes a matter of doubt as to whether it is bona fidely incurrred for the purpose of business so as to get a deduction under section 37(1) of the Income tax Act,1961. Courts have taken divergent views on such issues,not on account of any difference in principle but with respect to the facts of the issue.
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