TMI Blog2016 (9) TMI 1061X X X X Extracts X X X X X X X X Extracts X X X X ..... id years are given in annexure ‘A’ which is placed on record. The assessee serves as an Independent Director on the Board of several leading Indian Companies such as Apollo Tyres Limited, Britannia Industries Limited, Deepak Nitrite Limited and KSB Pumps Limited and also a member of various Governing Boards of Centre for Policy Research, Indian Institute of Capital Markets, CII, SEBI etc. He regularly gets sitting fees and commission from many of these Companies. The assessee was also an independent Director on the board of Nagarjuna Finance Limited. Nagarjuna Finance Limited had collected Fixed Deposits from the public. Nagarjuna Finance Limited was charged with default in repayment of fixed deposits and interest thereon. Mr. Nimesh Kampan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A. M. This is an appeal filed by the assessee against the order by the ld. CIT(A)-8, Mumbai dated 26.02.2013 for the assessment year (A.Y.) 2009-10. In this appeal, the assessee is aggrieved for disallowance of legal expenditure of ₹ 40,72,750/- and travelling, hotel expenditure of ₹ 14,93,188/-. 2. Rival contentions having been heard and record perused. Facts in brief are that the assessee debited an amount of ₹ 55,65,938/- under the head legal fees and related expenses . In respect of this expenditure, the assessee explained to the Assessing Officer that the assessee was Director on Board of many companies including on the Board of M/s. Nagarjuna Finance Ltd. This company M/s. Nagarjuna Finance Ltd. received fixe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that that the expenditure is incurred by the assessee in his character as a professional and is not an expenditure which is personal in nature. The assessee has in his professional capacity been a director of various limited companies has earned professional fees for the services rendered to these companies. He was a director of Nagarjuna Finance Limited (NFL) from 14-12-1982 to 28-04-1999. The assessee has earned professional income during all the years, he was, a director of NFL. The details of professional income earned during the said years are given in annexure A which is placed on record. The assessee serves as an Independent Director on the Board of several leading Indian Companies such as Apollo Tyres Limited, Britannia Industries ..... X X X X Extracts X X X X X X X X Extracts X X X X
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