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2003 (1) TMI 44 - HC - Income Tax"Whether, Tribunal was justified in law in holding that part of sales promotion expenses or sales seminar expenses of Rs. 2,03,846 including, inter alia, on account of supply of food and drinks to employees and customers, was business expenditure and an allowable deduction from the assessee's business income and not in the nature of entertainment expenditure disallowable under section 37(2A) of the Income-tax Act?" - "Whether, Tribunal correctly applied the provisions of section 36(1)(iii) in confirming the disallowance of interest on borrowed capital in the amount of Rs. 3,05,444?" - we remand the case before the learned Tribunal to look into both the questions once again and reassess the same in the light of the answer given hereby and make a fresh assessment on both the questions.
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