Court Rules on Disallowance of Business Expenses u/s 37(1) of Income Tax Act; MCI Guidelines Insufficient Basis.

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....Disallowance of expenditure u/s 37(1) - expenditure under various heads of expenses such as doctors' spends, gifts & external and internal conference, etc - when an expenditure is an allowable business expenditure as per the provisions of the Act, then by invoking the provisions of MCI Guidelines, ad-hoc disallowance cannot be made to the total income without any basis. - AT....