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2004 (7) TMI 47 - HC - Income TaxEntertainment expenditure and deduction admissible u/s 80J Tribunal on considering the evidence placed on record and on the facts arrived at a conclusion that the expenditure incurred cannot be treated as entertainment expenditure. Section 37(2B) refers to expenditure incurred by the assessee in the nature of entertainment. On the facts the Tribunal has arrived at a conclusion that section 37(2B) of the Act is not applicable. – No question arise from tribunal’s order – Further, in respect of machinery gifted by the Government of Australia to the Government of India, Tribunal arrived at a finding "that the Government supplied the plant and machinery and the cost of which was paid not in cash but in the form of share capital. Therefore, it leaves no doubt to think that the machinery became part and parcel of the assets of the assessee-company and it cannot be considered to be the liabilities due to the Government of India".
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