https://www.taxtmi.com/caselaws?id=29628 The court interpreted Section 37(2) of the Income-tax Act, 1961, regarding entertainment expenditure calculation. It held that the allowance percentage should apply to the entire business income, including share income from joint ventures. The court emphasized that "the business" in Section 37(2) encompasses both the assessee's business and joint venture profits. Thus, entertainment expenses should be based on total business income, excluding dividends and other gains. The court ruled in favor of the assessee, directing the Commissioner to cover the reference costs. en-us Wed, 09 Sep 1981 00:00:00 +0530 Mon, 15 Mar 2010 12:04:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29628 The court interpreted Section 37(2) of the Income-tax Act, 1961, regarding entertainment expenditure calculation. It held that the allowance percentage should apply to the entire business income, including share income from joint ventures. The court emphasized that "the business" in Section 37(2) encompasses both the assessee's business and joint venture profits. Thus, entertainment expenses should be based on total business income, excluding dividends and other gains. The court ruled in favor of the assessee, directing the Commissioner to cover the reference costs. Case-Laws Income Tax Wed, 09 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29628