https://www.taxtmi.com/caselaws?id=17985 The High Court upheld the Tribunal's decision allowing the expenditure on gifts made to foreign collaborators, deeming it allowable under section 37(1) of the Income-tax Act, 1961. The Court emphasized that the gifts were given for business purposes to maintain good relations, not for advertisement. The Court also affirmed the reduction of gift values per rule 6B. Regarding the expenditure on foreign tours, the Court held that no questions of law arose, as the matter was remitted back for further consideration by the Assessing Officer, allowing for depreciation and other benefits on capital expenditure. en-us Thu, 31 Oct 1996 00:00:00 +0530 Sat, 26 Sep 2009 11:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17985 The High Court upheld the Tribunal's decision allowing the expenditure on gifts made to foreign collaborators, deeming it allowable under section 37(1) of the Income-tax Act, 1961. The Court emphasized that the gifts were given for business purposes to maintain good relations, not for advertisement. The Court also affirmed the reduction of gift values per rule 6B. Regarding the expenditure on foreign tours, the Court held that no questions of law arose, as the matter was remitted back for further consideration by the Assessing Officer, allowing for depreciation and other benefits on capital expenditure. Case-Laws Income Tax Thu, 31 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17985