Gifts to Business Associates and Executives are “Business Promotion Expenses”, Deductible u/s 37 of Income Tax Act: ITAT [Read Order]

Gifts - Business Associates - Business - Income Tax Act - Income Tax - Tax - ITAT - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the gifts to business associates and expenditure should be considered as business promotion expenses and are deductible under Section 37 of the Income Tax Act 1961.  Section 37 provides that any expenditure spent entirely and solely for the purposes of the company…

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