Gift to persons who work for company is allowable as business expenditure

ACIT Vs IREO Waterfront Pvt. Ltd (ITAT Delhi) ITAT Delhi held that expenditure towards gift to persons who work for the assessee company during Diwali occasion is held for the purpose of business as per the principle of commercial expediency and accordingly allowable as business expenditure. Facts- The assessee incurred expenditure towards purchase of two omega watches given as gift and purchase of silver articles for Diwali gifts. AO disallowed the same as not meant for business purposes of the assessee by stating that the assessee failed to produce the details of persons along with reasons a...