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The article in this issue of Direct Tax Amicus discusses elaborately the recent decision of the Supreme Court in the case of Apex Laboratories wherein the Court has denied the claim of expenditure under Section 37 of the Income-tax Act, 1961 incurred by pharmaceutical companies on gifting of freebies to doctors. The contention of the pharmaceutical companies that the prohibition imposed by the Medical Council of India was applicable only to medical practitioners and not to them and thus, the Explanation 1 to Section 37 would not apply to them, was rejected by the Apex Court. Discussing various fallouts of the said decision, the author observes that the judicial authorities may disallow similar expenses incurred even before the issuance of CBDT Circular in 2012. The author in this regard also discusses various situations where expenditure is incurred by pharma companies for bona fide reasons of furthering the professional engagement between a medical practitioner and a pharmaceutical company, which will now be disallowed by the Revenue department. The article concludes by stating that the healthcare sector itself may need a comprehensive health check to identify and fix problems...
The article in this issue of Direct Tax Amicus analyses the impact of the judgment...
The article in this issue of Direct Tax Amicus discusses in detail the question as...
The article highlights, along with illustrations, a number of these ambiguities and associated practical hardships...
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