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News INCOME TAX

  • Jul 30, 2020
  • No justification to deny drug cos deduction of expenses incurred on freebies to doctors: ITAT

    The Income Tax Appellate Tribunal (ITAT) has said there is no justification to deny drug companies deduction of expenses incurred on providing freebies to doctors on the basis of a CBDT circular and the Indian Medical Council regulations.

    A bench comprising judicial member Ravish Sood and accountant member G Manjunatha ruled that a Central Board of Direct Taxes circular and the IMC’s regulations could not be relied upon to disallow a drug company’s expenditure claims. The IMC’s code of conduct applies only to medical practitioners and doctors and not to pharmaceutical companies and the healthcare sector, it said.