https://www.taxtmi.com/caselaws?id=66122 Remuneration paid to two directors was treated as business expenditure, because no material showed it to be entertainment expenditure or unreasonable, and the disallowance was deleted. Advertisement and publicity payments were allowed only to the extent they were verified as genuine souvenir advertisements; the amount not linked to advertisements was sustained as disallowable. For section 32AB, profits of eligible business were to be computed on commercial accounting principles, so chit dividend income forming part of business profits qualified for deduction even if assessed under a different head; the short deduction was deleted. en-us Thu, 09 Nov 2000 00:00:00 +0530 Mon, 21 Feb 2011 16:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66122 Remuneration paid to two directors was treated as business expenditure, because no material showed it to be entertainment expenditure or unreasonable, and the disallowance was deleted. Advertisement and publicity payments were allowed only to the extent they were verified as genuine souvenir advertisements; the amount not linked to advertisements was sustained as disallowable. For section 32AB, profits of eligible business were to be computed on commercial accounting principles, so chit dividend income forming part of business profits qualified for deduction even if assessed under a different head; the short deduction was deleted. Case-Laws Income Tax Thu, 09 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66122