MCI regulations not applicable to Pharmaceutical Cos; freebies to medical practitioners were allowable: ITAT

INCOME TAX: Where Assessing Officer during regular assessment, had consciously formed an opinion that out of sales promotion expenses incurred by assessee pharma company, only those expenses incurred for giving gifts to doctors were liable to be disallowed under section 37(1), reassessment proceedings initiated not on basis of any fresh tangible material or any new information was to be quashed for want of jurisdiction

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