1975 (4) TMI 40 - AT - Income Tax

Summary

The Appellate Tribunal ITAT DELHI-B ruled in favor of the assessee, a limited company engaged in the manufacture and sale of crystal sugar, regarding the addition of Rs. 77,282 made on account of the transfer of press-mud to its agricultural farm. The Tribunal held that there was no ground to depart from the view taken for the assessment year 1967-68 and deleted the addition. The Tribunal also rejected an objection related to an addition of Rs. 1,000 but upheld a disallowance of Rs. 5,230 for entertainment expenditure. The appeal was allowed in part.