Amendment of Section 37

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....ut prejudice to the provisions of sub-section (3), where the aggregate expenditure incurred by an assessee on advertisement, publicity and sales promotion in India exceeds forty thousand rupees, so much of such aggregate expenditure as is equal to an amount calculated as provided hereunder shall not be allowed as a deduction, namely :- (i) where such aggregate expenditure does not exceed 1/4 pe....

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....der sub-section (1) and as further reduced by so much of such expenditure as is not allowed under sub-section (3); (b) "turnover" and "gross receipts" means turnover or gross receipts, as the case may be, as reduced by any discount or rebate allowed by the assessee. (3B) Nothing contained in sub-section (3A) shall apply in relation to any expenditure incurred by an assessee on - ....

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....e purposes of clause (i), an advertisement in a newspaper shall be deemed to be an advertisement in a small newspaper, if the average circulation of such newspaper in the year in which such advertisement has been published, is certified by the prescribed authority as not exceeding fifteen thousand copies. Explanation 2 : "Average circulation", in relation to any newspaper, shall be taken ....