Diwali gifts disallowed u/s 37(1) of Income Tax Act if recipients aren't business-connected; 35% disallowance justified.

Diwali gifts disallowed u/s 37(1) of Income Tax Act if recipients aren't business-connected; 35% disallowance justified. https://www.taxtmi.com/highlights?id=43300 Disallowing of gift expenses and Diwali Gift expenses u/s 37 (1) - gift for the person who are not connected with the business of the assessee - CIT (A) was justified in restricting the disallowance to 35% of claim. en-us Sat, 15 Dec 2018 09:59:10 +0530 Sat, 15 Dec 2018 09:59:10 +0530 TaxTMI RSS Generator Diwali gifts disallowed u/s 37(1) of Income Tax Act if recipients aren't business-connected; 35% disallowance justified. https://www.taxtmi.com/highlights?id=43300 Disallowing of gift expenses and Diwali Gift expenses u/s 37 (1) - gift for the person who are not connected with the business of the assessee - CIT (A) was justified in restricting the disallowance to 35% of claim. Highlights Income Tax Sat, 15 Dec 2018 09:59:10 +0530 https://www.taxtmi.com/highlights?id=43300