Tribunal held that, Employee benefits, finance costs and administrative and other expenses cannot be disallowed as the said expenditure were necessary to maintain its corporate status. ( AY.2012-13)
T.A. Taylor (P.) Ltd. v. ACIT (2018) 173 ITD 237/66 ITR 146 (Chennai) (Trib.)
S. 37(1) : Business expenditure-Company–Corporate status -employee benefits, finance costs and administrative and other expenses cannot be disallowed as the said expenditure were necessary to maintain its corporate status.