Expenditure towards brand reminder, customer gifts, purchase of medical books and journals not allowable u/s 37(1)

ACIT Vs Pfizer Limited (ITAT Mumbai) ITAT Mumbai held that expenditure towards brand reminder, customer gifts, purchase of medical books and journals is not allowable expenditure u/s 37(1) of the Income Tax Act as such expenses are in the nature of free bees and prohibited. Facts- Assessee is a company engaged in the business of manufacturing, sale of pharmaceutical including over-the-counter [OTC] pharmaceuticals, cosmetics and allied consumer products and trading of pharmaceuticals. The return of the assessee was picked for complete scrutiny. During the course of assessment, AO made three ad...