https://www.taxtmi.com/caselaws?id=152118 Passing of property in a prototype machine transaction was held to depend on the parties' intention under the Sale of Goods Act, 1930, as gathered from the contract, conduct and surrounding circumstances. Because the arrangement was on approval with a two-year guarantee, refund and return rights, title did not pass in the relevant year and no capital gains arose. Entertainment expenditure disallowance was estimated on a reasonable basis and restricted to 50 per cent where exact evidence was lacking. Advertisement expenditure was treated as revenue outlay, not capital in nature, and the disallowance was deleted. en-us Fri, 24 Jan 1992 00:00:00 +0530 Tue, 25 Jun 2013 09:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152118 Passing of property in a prototype machine transaction was held to depend on the parties' intention under the Sale of Goods Act, 1930, as gathered from the contract, conduct and surrounding circumstances. Because the arrangement was on approval with a two-year guarantee, refund and return rights, title did not pass in the relevant year and no capital gains arose. Entertainment expenditure disallowance was estimated on a reasonable basis and restricted to 50 per cent where exact evidence was lacking. Advertisement expenditure was treated as revenue outlay, not capital in nature, and the disallowance was deleted. Case-Laws Income Tax Fri, 24 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152118