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2015 (11) TMI 1509 - ITAT CHENNAI

2015 (11) TMI 1509 - ITAT CHENNAI - TMI - 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 that the expenses incurred by the assessee to the tune of ₹ 15,02,047/- towards overseas travels is quiet reasonable. Moreover it is evident that the assessee had purchased the foreign currency and no port .....

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Shri Duvvuru RL Reddy, Judicial Member Appellant 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 ITA 2 No. 1792/Mds/2015 08.06.2015 in ITA No.238/CIT(A)-6/2014-15 passed under Sec.143(3) read with section Sec. 250 of the Act. 2. The Assessee has raised four elaborate grounds in its appeal, however the cr .....

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n and ₹ 3,46,04,690/- under MAT. Subsequently, 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 furnished evidence for the purchase of foreign exchange made by the Director of the company, however did not furnish any other evidence for the expenses incurred. Therefore, the Ld. Assessing Officer disallowe .....

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