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M/s. Farida Classic Shoes P. Ltd. Versus Deputy Commissioner of Income Tax

2015 (11) TMI 1509 - ITAT CHENNAI

Disallowance of 25% of the foreign Travel expenses - vouchers for each of the expenditure incurred were not furnished - Held that:- The nature of the business of the assessee and the income generated by the assessee, we are of the considered view tha .....

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eager amount of ₹ 15,02,047/- incurred towards foreign travel expenditure it cannot be presumed that any significant amount would have been spent for personal purpose. Therefore, we hereby direct the Ld. Assessing Officer to delete the addition .....

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pellant by : Ms.H.B.Meera Shenoy, FCA Respondent by : Mr.A.B.Koli, JCIT, D.R ORDER PER A.MOHAN ALANKAMONY , ACCOUNTANT MEMBER: This appeal is filed by the Assessee, aggrieved by the order of the Learned Commissioner of Income Tax(A)-6, Chennai dated .....

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grieved by the order of the Ld. CIT (A), who had upheld the order of the Ld. Assessing Officer for disallowing 25% of the foreign Travel expenses amounting to ₹ 3,75,212/-. 3. The brief facts of the case are that the assessee is a company, enga .....

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sequently, the case was taken up for scrutiny and the assessment was completed on 16.01.2015 wherein the Ld.A.O disallowed 25% on the overseas travel expenses of ₹ 15,02,047/- undertaken by the Director, Mr.Iqbal Ahmed Mecca. The assessee had f .....

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ssee in foreign exchange. On appeal, the Ld. CIT (A) confirmed the order of the Ld. Assessing Officer by stating that the assessee had agreed for the disallowance of 25% of the foreign exchange purchased. 4. Before us, the Ld. A.R. submitted that the .....

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same. Ld. A.R. further submitted before us that Ld. Assessing Officer and the Ld. CIT (A) had simply rejected the submissions made before them and made the addition on an adhoc basis. Ld. D.R on the other hand argued in support of the orders of the R .....

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They have made the addition and sustained the same, only for the reason that vouchers for each of the expenditure incurred were not furnished before them, though evidences were produced for purchase of foreign exchange. Considering the facts and circ .....

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