HC allowed exp. incurred by assessee to construct houses to rehabilitate food victims

INCOME TAX: Where assessee entered into an MoU with State Government wherein assessee agreed to construct houses to rehabilitate flood victims, since assessee incurred this expenditure not only as a social responsibility but also keeping in mind goodwill and benefit it would yield in long run in earning profit, impugned expenditure would be in realm of 'business expenditure' allowable under section 37(1)

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