Entertainment expenses cannot be disallowed U/s. 37(1) after omission of S. 37(2)

IN THE ITAT MUMBAI BENCH ‘L’ Assistant Director of Income-tax (International Taxation) Versus Credit Lyonnais IT APPEAL NOs. 5318 and 5344 (MUM.) OF 2001 & 5018, 6401 & 6516 (MUM.) OF 2004 CO NOs. 133 (MUM.) OF 2002. 186 (MUM.) OF 2005 & 30 (MUM.) OF 2007 [ASSESSMENT YEARs 1998-99 to 2000-01] OCTOBER 10, 2012 ORDER Per Bench – These cross appeals and cross objections relate to assessment year 1998-1999 to 2000-2001. Since common issues are raised in these appeals and cross objections, we are therefore, proceeding to dispose them off by this conso...