2008 (5) TMI 730

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..... ppellate Tribunal, Delhi Bench 'G' in ITA No. 4307/Del/2004 relevant for the assessment year 2001-02. 2. The assessee is concerned with promoting exports particularly of textiles and readymade garments from India. In the relevant accounting year, the assessee has incurred an expenditure of ₹ 8,19,277 towards entertainment. Out of this, a sum of ₹ 5,88,705 pertained to the ente .....

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..... eld as follows:- "The Income-tax authorities must put themselves in the shoes of the assessee and see how a prudent businessman would act. The authorities must not look at the matter from their own view point but that of a prudent businessman." (P. 82) 5. Under the circumstances, we are of the view that it was not possible for the Assessing Officer to substitute his opinion of the amount that s .....

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