1995 (5) TMI 2 - SUPREME COURT

Deduction of expenditure incurred in providing ordinary meals and refreshments to outstation customers according to the customary hospitality and trade usage satisfying the general test of commercial expediency - prior to April 1, 1976 impugned expenditure cannot be termed as entertainment expenditure - because explanation 2 to s. 37(2A) is not clarificatory and is applicable only w.e.f. 1/4/1976