2015 (1) TMI 1304

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..... ncome Tax (Central), Ludhiana Vs. M/s Highway Cycle Industries Ltd.’[2015 (2) TMI 119 - PUNJAB & HARYANA HIGH COURT] Allowable business expenditure - Amount spent on Gift-items like shawls, watches, tea-sets and other misc. items distributed amongst the dealers - Held that:- The second substantial question of law, the same is covered by the judgment of this Court in Commissioner of Income Tax V .....

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..... right in law in confirming the order of the ld. CIT (A) in deleting the addition of ₹ 34,79,900/- made on account of closing stock of stores, spare-partes and tools etc.? (ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding the amount of ₹ 4,75,816/- spent on Gift-items like shawls, watches, tea-sets and other .....

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