https://www.taxtmi.com/caselaws?id=183467 The High Court upheld the Tribunal's decisions regarding the treatment of expenses and the classification of losses, emphasizing that the expenses in question were not entertainment expenditure but customary gifts for fostering goodwill and sales promotion. The Court also ruled that the losses from the sale of shares in 1977 were revenue losses, not capital losses, as the shares were received for services rendered and not part of the company's capital. Both issues were decided in favor of the assessee based on factual analysis and relevant legal principles. en-us Mon, 11 Dec 1989 00:00:00 +0530 Sat, 24 Mar 2018 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183467 The High Court upheld the Tribunal's decisions regarding the treatment of expenses and the classification of losses, emphasizing that the expenses in question were not entertainment expenditure but customary gifts for fostering goodwill and sales promotion. The Court also ruled that the losses from the sale of shares in 1977 were revenue losses, not capital losses, as the shares were received for services rendered and not part of the company's capital. Both issues were decided in favor of the assessee based on factual analysis and relevant legal principles. Case-Laws Income Tax Mon, 11 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183467