https://www.taxtmi.com/caselaws?id=63618 Press-mud transferred from the assessee's factory to its own agricultural farm was not treated as taxable profit merely because it could have been sold in the open market; the transfer was for clearing the factory quickly, and the assessee's earlier-year treatment on the same issue supported deletion of the addition. The entertainment expenditure disallowance was sustained because the Tribunal found it justified on the applicable legal position. The appeal succeeded only on the press-mud addition, while the balance disallowance remained upheld. en-us Thu, 10 Apr 1975 00:00:00 +0530 Tue, 01 Feb 2011 11:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63618 Press-mud transferred from the assessee's factory to its own agricultural farm was not treated as taxable profit merely because it could have been sold in the open market; the transfer was for clearing the factory quickly, and the assessee's earlier-year treatment on the same issue supported deletion of the addition. The entertainment expenditure disallowance was sustained because the Tribunal found it justified on the applicable legal position. The appeal succeeded only on the press-mud addition, while the balance disallowance remained upheld. Case-Laws Income Tax Thu, 10 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63618