2004 (7) TMI 47

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.... - At the instance of the Revenue for the assessment years 1974-75 and 1975-76, two questions are referred in these two references for the opinion of the court. The questions are as under: "(i) Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in confirming the order of the Commissioner of Income-tax (Appeals) in deleting the disallowance of entertainmen....

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....er section 80J of the Income-tax Act?" So far as question No. 1 is concerned, the Commissioner of Income-tax (Appeals) has held that the expenditure incurred by the assessee cannot be held entertainment expenditure as stipulated within the meaning of section 37(2B) of the Income-tax Act, 1961. The Tribunal on considering the evidence placed on record and on the facts arrived at a conclusion tha....

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....xamined these aspects and has quoted the contents of a letter addressed by the Government of India in this behalf as under: "In pursuance of article 7 of the articles of association of the Modern Bakeries (India) Ltd., I am directed to convey the approval of the President to the increase of share capital of the company from Rs. 1 crore to Rs. 2.13 crores by creation of new shares of Rs. 1,000 e....