1994 (1) TMI 39 - HC - Income Tax

Business Expenditure Expenditure Incurred In The Nature Of Entertainment Expenditure Income Tax Act Mutual Concern

Summary

The High Court of Madras ruled against the assessee on four questions: 1) Expenditure on Turf Invitation Cup not allowable, 2) Subscription received from members taxable, 3) Expenditure on Race Ball Day considered entertainment expense, and 4) Development rebate on air-conditioner denied. The Tribunal's findings were upheld in all instances.