https://www.taxtmi.com/caselaws?id=21337 The High Court held that the expenditure incurred by the assessee on distributing presents to its shareholders during its silver jubilee celebration is an allowable business expenditure under section 37(1) of the Income-tax Act, 1961. The court emphasized that the expenditure was aimed at maintaining goodwill and ensuring future business, falling within the scope of allowable business expenditures. The decision was in favor of the assessee, affirming that the expenditure was not capital or personal but wholly and exclusively for business purposes. en-us Tue, 28 Jan 1992 00:00:00 +0530 Sat, 21 Nov 2009 16:41:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21337 The High Court held that the expenditure incurred by the assessee on distributing presents to its shareholders during its silver jubilee celebration is an allowable business expenditure under section 37(1) of the Income-tax Act, 1961. The court emphasized that the expenditure was aimed at maintaining goodwill and ensuring future business, falling within the scope of allowable business expenditures. The decision was in favor of the assessee, affirming that the expenditure was not capital or personal but wholly and exclusively for business purposes. Case-Laws Income Tax Tue, 28 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21337