Gift for completing Sales target

1. Any type of gift will be taxable u/s 56(2)(x) with few exceptions based on the relationship of the two parties. 
2. If the monetary value of the gift exceeds Rs. 50,000 will be taxable in the hands of the recipient under the head Income from Other Sources. 
3. The same will be considered as Sales promotion expenses and it will be allowed as a deduction in your P&L account. 
4. If the value of the gift exceeds Rs. 50,000 entire gift will be taxable or else it will not be taxable. 
Please correct me if the above solution has an alternative view.