Held that educational sponsorship of son of Director held to be allowable as business expenditure as the recipient of sponsorship undertaking to serve company after completion of studies and later joining service of assessee. (AY. 2015-16, 2017-18 to 2019-20)
Lumino Industries Ltd. v. ACIT (2022) 94 ITR 675 / 215 TTJ 62 / 213 DTR 290 (Kol.)(Trib.)
S. 37(1) : Business expenditure-Educational sponsorship of son of Director-Recipient of sponsorship undertaking to serve company after completion of studies and later joining service of assessee-Entitle to deduction.