2021 (9) TMI 1314 - SCH - Income Tax

The Supreme Court dismissed the petition and upheld the decision of the High Court.

The Supreme Court dismissed the petition and upheld the decision of the High Court. - TMI Allowable expenditure u/s 37(1) - expenditure incurred towards 'sales promotion expenses' and 'other selling expenses' by providing gifts and freebies to Doctors and Medical Practitioners - expenditure contrary to the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 - scope of amendment - applicability of explanation to Section 37(1) - CBDT Circular No.5/2012, dated 1st August 2012 - HC held expenditure on such items prior to the Amendment have already been allowed in favour of the Assessee and they have been disallowed after 14.12.2009 and find no error in the order passed by the Tribunal - HELD THAT:- Order reserved. The parties are at liberty to file their written submissions within a week. The Supreme Court of India heard a case with citation 2021 (9) TMI 1314. The petitioner was represented by Mr. S. Ganesh and others, while the respondent was represented by Mr. Sanjay Jain and others. The order was reserved, and both parties were given a week to file their written submissions.