- (1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under Section 256(2) of the Income-tax Act, 1961 (here-inafter referred to as "the Act"), for opinion to this Court : "Whether, on the facts and in the circumstances of the case, the order of the Tribunal upholding the deletion for entertainment expenditure is vitiated as it has failed to appreciate the provisions of Section 37(2B) of the Act correctly ?"
(2.) The reference relates to the assessment years 1976-77 and 1977-78.
(3.) Briefly stated the facts giving rise to the present reference are as under :;