https://www.taxtmi.com/caselaws?id=248321 The High Court upheld the Tribunal's decision in favor of the respondent-assessee on both issues. Firstly, it allowed the claimed entertainment expenditure of Rs. 4,250, considering it nominal and customary business expenses, not entertainment. Secondly, it classified the receipt of Rs. 1,67,189 as business income, not speculative income, as it was damages for breach of contract, not a speculative transaction. The Court referenced relevant case law to support its rulings and dismissed the income-tax reference without costs. en-us Sat, 09 Nov 2013 00:00:00 +0530 Sat, 21 Feb 2015 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248321 The High Court upheld the Tribunal's decision in favor of the respondent-assessee on both issues. Firstly, it allowed the claimed entertainment expenditure of Rs. 4,250, considering it nominal and customary business expenses, not entertainment. Secondly, it classified the receipt of Rs. 1,67,189 as business income, not speculative income, as it was damages for breach of contract, not a speculative transaction. The Court referenced relevant case law to support its rulings and dismissed the income-tax reference without costs. Case-Laws Income Tax Sat, 09 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248321