Section 37(1) – Where advertising expenses, business promotion and brokerage & commission had been incurred by assessee builder towards building its reputation and network in real estate market, Tribunal rightly held that said expenses incurred by assessee were in nature of general administrative cost and selling cost as classified by Guidance Note issued by ICAI and qualified for deduction as revenue expenditure.
Commissioner of Income-tax v. Somnath Buildtech (P.) Ltd. – [2023] 146 taxmann.com 472 (Delhi).