https://www.taxtmi.com/caselaws?id=25145 Expenditure on silver medals and plaques given to shareholders and directors at a company's silver jubilee was treated as allowable business expenditure under section 37 of the Income-tax Act, 1961. The recognition of shareholders' contribution to the company's prosperity and directors' role in business management established the required business nexus. The small value of the mementos supported the conclusion that the outlay was incurred wholly and exclusively for business purposes, so the expenditure was allowed as a business deduction. en-us Thu, 20 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 16:16:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25145 Expenditure on silver medals and plaques given to shareholders and directors at a company's silver jubilee was treated as allowable business expenditure under section 37 of the Income-tax Act, 1961. The recognition of shareholders' contribution to the company's prosperity and directors' role in business management established the required business nexus. The small value of the mementos supported the conclusion that the outlay was incurred wholly and exclusively for business purposes, so the expenditure was allowed as a business deduction. Case-Laws Income Tax Thu, 20 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25145