Law:

Section:

Section 37(2B) of the Income-tax Act, 1961 - Entertainment expenditure - Whether in view of full Bench decision of this court in Phool Chand Gajanand v. CIT, [1989] 177 ITR 265 'rasoi' expenses' were in nature of entertainment expenditure and were not allowable within meaning of section 37(2B) - Held, yes FACTS The Tribunal, held that 'rasoi expenses' were not in nature of entertainment expenditure and hence not disallowable under section37(2B). On reference : HELD In view of the Full Bench decision of this Court in Phool Chand Gajanand v. CIT [1989] 177 ITR 265, the rasoi expenses were in the nature of entertainment expenditure with meaning of section 37(2B) and hence not allowable. Note: The case was decide against the assessee. CASE REFERRED TO Phool Chand Gajanand v. CIT [1989] 177 ITR 265…

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