https://www.taxtmi.com/caselaws?id=186580 The High Court partially allowed the appeal under Section 260 A of the Income Tax Act, 1961 for the assessment year 1989-90. The addition of Rs. 34,79,900 on account of closing stock favored the Revenue based on a related case. However, the expenditure of Rs. 4,75,816 on Gift-items was considered legitimate business expenditure following a precedent. The judgment provided detailed analysis and cited legal precedents, ultimately ruling in favor of the Revenue on the first issue and the respondent on the second issue. en-us Fri, 30 Jan 2015 00:00:00 +0530 Fri, 23 Sep 2016 11:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186580 The High Court partially allowed the appeal under Section 260 A of the Income Tax Act, 1961 for the assessment year 1989-90. The addition of Rs. 34,79,900 on account of closing stock favored the Revenue based on a related case. However, the expenditure of Rs. 4,75,816 on Gift-items was considered legitimate business expenditure following a precedent. The judgment provided detailed analysis and cited legal precedents, ultimately ruling in favor of the Revenue on the first issue and the respondent on the second issue. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186580