https://www.taxtmi.com/caselaws?id=234613 Expenditure on gifts distributed to members and staff was held to be allowable as business expenditure where it was incurred in connection with the assessee's business and served to preserve goodwill and maintain business prospects. The Tribunal followed jurisdictional High Court precedent that such gifts can qualify as expenditure laid out wholly and exclusively for business purposes. The disallowance was therefore unsustainable and the relief granted by the first appellate authority was left undisturbed. en-us Thu, 31 Jan 2013 00:00:00 +0530 Wed, 19 Jun 2013 12:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234613 Expenditure on gifts distributed to members and staff was held to be allowable as business expenditure where it was incurred in connection with the assessee's business and served to preserve goodwill and maintain business prospects. The Tribunal followed jurisdictional High Court precedent that such gifts can qualify as expenditure laid out wholly and exclusively for business purposes. The disallowance was therefore unsustainable and the relief granted by the first appellate authority was left undisturbed. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234613