2003 (11) TMI 47

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....essment year is 1992-93. The assessee, Madras Refineries Limited, is a public limited company. As a good corporate citizen and as a measure of gaining goodwill of the people living in and around its industry which is to some extent a polluting industry, it provided funds for establishing drinking water facilities to the residents in the vicinity of the refinery and also provided aid to the school ....

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....al, after examining the records placed before it and having been satisfied that the money had in fact been spent in the manner claimed by the assessee, held that winning the goodwill of the people of the locality, helps in boosting the business in many ways. It allowed the entire amount claimed as a deduction. The concept of business is not static. It has evolved over a period of time to includ....