1999 (4) TMI 34 - HC - Income Tax

Summary

The High Court of Madras upheld the Tribunal's decision that a sum of Rs. 66,820 debited as sales incentive to customers was not a deductible expenditure for the assessee's business. The court found that the distribution was a method of profit sharing among members, not a genuine sales incentive. The appeal was dismissed in favor of the Revenue.