Amalgamation Expenses not Treated as Business Expenses u/s 37(1) of Income Tax Act: ITAT

The ITAT ruled that amalgamation expenses are not treated as business expenses under Section 371 of the Income Tax Act. The case involved a dispute over whether the costs incurred during the amalgamation process could be classified as deductible business expenses. The tribunal clarified that such expenses should not be treated as deductible under the section, emphasizing that amalgamation-related costs should not be treated the same as regular business expenses for tax purposes.