Income Tax, Update

Payment of management charges not allowable as a deduction u/s 40(a)(i)

The Mumbai bench of the ITAT in the case of Lloyd’s Register Quality Assurance Ltd v. Dy. Commissioner of Income Tax has held that disallowance under Section 40(a)(i) cannot be made for payment of management charges under Section 44C of the Income Tax Act,1961.

Read More: Assessee may file revised return of income after receiving notice from IT Dept.

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