Expenditure incurred on Corporate social responsibilities is held to be allowable. Explanation 2 inserted in section 37(1) with effect from 1-4-2015 is prospective in nature. (AY. 2012-2013)
National Small Industries Corp. Ltd. v. DCIT (2019) 175 ITD 601 (Delhi)(Trib.)
S. 37(1) : Business expenditure – Corporate social responsibilities- Held to be allowable – Explanation 2 inserted in section 37(1) with effect from 1-4-2015 is prospective in nature. [S. 35AC, 80G, Companies Act, 2013, S. 135]