TaxTMI 
TaxTMI 
2004 (7) TMI 47
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....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 entertainment expenditure made by the Income-tax Off....
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.... 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 that the expenditure incurred cannot be treated....
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....s 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 each. Share certificates against the increased cap....