https://www.taxtmi.com/caselaws?id=387247 The Tribunal allowed the appeal, overturning the disallowances made by the AO and upheld by the CIT(A). It held that expenses incurred by the pharmaceutical company were legitimate business expenditures under Section 37(1) of the Income Tax Act. The Tribunal emphasized that the CBDT Circular and MCI regulations do not apply retrospectively to pharmaceutical companies, thereby justifying the expenses claimed by the assessee. en-us Tue, 15 Oct 2019 00:00:00 +0530 Sat, 19 Oct 2019 20:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387247 The Tribunal allowed the appeal, overturning the disallowances made by the AO and upheld by the CIT(A). It held that expenses incurred by the pharmaceutical company were legitimate business expenditures under Section 37(1) of the Income Tax Act. The Tribunal emphasized that the CBDT Circular and MCI regulations do not apply retrospectively to pharmaceutical companies, thereby justifying the expenses claimed by the assessee. Case-Laws Income Tax Tue, 15 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387247