https://www.taxtmi.com/caselaws?id=36671 The court upheld the disallowance of entertainment expenditure under section 37(2) of the Income Tax Act. The Abohar Ginning Unit was granted exemption under section 84 as it was deemed a separate and economically viable unit. The inclusion of profits in capital computation for rebate under section 84 was accepted. The annual letting value was reduced to the actual rent received. The court ruled against the assessee on the entertainment expenditure issue but in favor of the assessee on the exemption, capital computation, and letting value issues. Each party was directed to bear their own costs. en-us Wed, 05 Sep 1979 00:00:00 +0530 Tue, 23 Mar 2010 18:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36671 The court upheld the disallowance of entertainment expenditure under section 37(2) of the Income Tax Act. The Abohar Ginning Unit was granted exemption under section 84 as it was deemed a separate and economically viable unit. The inclusion of profits in capital computation for rebate under section 84 was accepted. The annual letting value was reduced to the actual rent received. The court ruled against the assessee on the entertainment expenditure issue but in favor of the assessee on the exemption, capital computation, and letting value issues. Each party was directed to bear their own costs. Case-Laws Income Tax Wed, 05 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36671