Held that sponsorship expenditure is in nature of revenue expenditure since incurred pursuant to objectives of assessee and statutory obligation to promote solar energy. Order of CIT(A) is affirmed.(AY.2020-21)
ACIT v. Karnataka Renewable Energy Development Ltd. (2024)113 ITR 9 (SN)(Bang)(Trib)
S.37(1): Business expenditure-Capital or revenue-Contribution to corpus fund of International Solar alliance for awards and prizes-Allowable as revenue expenditure.
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