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2022 (1) TMI 1270 - ITAT DELHIDisallowance u/s 14A(2) - Mandation of recording satisfaction - dividend income from investments made by it in the equity shares, which was claimed as exempt income - HELD THAT:- Since the AO in the instant case has not recorded his satisfaction before making the disallowance, therefore, respectfully following the decision of the Tribunal in assessee’s own case for AY 2010-11 where it is held that in absence of any satisfaction recorded by the AO, the disallowance made by him and sustained by the CIT(A) is not correct, we set aside the order of the CIT(A) and direct the AO to delete the addition. Addition of foreign travel and business promotion expenses - Allowable business expenses or not? - HELD THAT:- Admittedly, the assessee is an NBFC company engaged in trading of units of various mutual funds and conducting investment activities in shares and fixed maturity plans. However, there is no evidence on record as to whom the directors who visited the foreign country met and as to what is the outcome of the said meeting and whether any of the statements made by the assessee has materialized or not. Since the assessee could not furnish any evidence or substantiate its claim other than mere statement either before the AO or before CIT(A) or before us that these expenses were in fact incurred for the purpose of business of the assessee, we do not find any infirmity in the order of the CIT(A) on this issue. Accordingly, the same is upheld and the ground raised by the assessee is dismissed.
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