https://www.taxtmi.com/caselaws?id=25769 The court ruled in favor of the taxpayers on all issues presented. It held that expenditure on providing refreshments to customers did not constitute entertainment expenditure. Additionally, it found that the sale price for shares did not exceed the disclosed amount, precluding the application of section 52(2) for capital gains computation. The court also determined that capital invested in machinery, even if not utilized in the relevant year, should be considered for relief under section 80J. Furthermore, it allowed relief under section 80J for units without a proportionate basis, contrary to the Revenue's position. The court dismissed the Revenue's additional reference application concerning the fair market value of shares sold. en-us Mon, 08 Apr 1985 00:00:00 +0530 Sat, 30 Jan 2010 17:36:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25769 The court ruled in favor of the taxpayers on all issues presented. It held that expenditure on providing refreshments to customers did not constitute entertainment expenditure. Additionally, it found that the sale price for shares did not exceed the disclosed amount, precluding the application of section 52(2) for capital gains computation. The court also determined that capital invested in machinery, even if not utilized in the relevant year, should be considered for relief under section 80J. Furthermore, it allowed relief under section 80J for units without a proportionate basis, contrary to the Revenue's position. The court dismissed the Revenue's additional reference application concerning the fair market value of shares sold. Case-Laws Income Tax Mon, 08 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25769