TMI Blog2016 (3) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... s purposes of the assessee are not sufficiently and adequately demonstrated before us. Therefore, we are of the opinion, both appeals should be remanded for one more round to the file of the Assessing Officer for adjudicating the issue afresh. The assessee shall demonstrate where exactly the meet took place, why Shri Agarwal travelled to Singapore, how Shri Agarwal is connected to the shareholders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner of Income-tax (Appeals) confirmed the additions in both the years therefore, the assessee is in appeal before the Tribunal. 2. Briefly stated the relevant facts of the case for the assessment year 2003- 04 are that the assessee incurred a sum of ₹ 2,62,422 on foreign travel of Shri D. K. Agarwal to Singapore. In this regard, it is the submission of the assessee that Shri D. K. Agarwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the proceedings before the first appellate authority, after considering the submissions of the assessee, the Commissioner of Income- tax (Appeals) held that the expenditure incurred in connection with the investment in shares of the joint venture cannot be deemed as an allowable expenditure under section 37 of the Act. Again aggrieved with the said decision of the Commissioner of Income-tax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the orders of the Revenue authorities, we find there is no dispute on the genuineness of the expenditure in both years. The dispute is only with regard to the employees travelling to the shareholders meet where the employees are not the shareholders. The business purposes of the assessee are not sufficiently and adequately demonstrated before us. Therefore, we are of the opinion, both appeals s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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