ITAT Mumbai Disallows 50% of Gold Coin Gift Expenses

Vinay Sanwarmal Nangalia Vs ITO (ITAT Mumbai) Gold Gifts Glitter Halfway – ITAT Mumbai Strikes Balance- Disallows 50% of Business Promotion Claim for Lack of Evidence Mumbai ITAT has delivered a significant ruling on the claim of business promotion expenses in the case of an Assessee, a Chartered Accountant & investment banker, who had claimed Rs 36.10 lakh as business promotion expenditure, primarily on distribution of gold coins & hospitality bills. Tribunal, while recognising the practice of gifting in professional circles, disallowed 50% of the gold coin expenditure citing lack o...