Whether foreign traveling expenses is exempted under section 10B

Last updated: 29 November 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The assessee has questioned first appellate order on several grounds involving two issues. Firstly as to whether the Ld. CIT(A) has erred in upholding the action of the AO in treating and apportioning the entire foreign traveling expenses of Rs. 19,49,568/- to exports business exempt u/s 10B of the Act instead of Rs. 4,13,308/- apportioned by the assessee company ? (ground Nos. 1.1 to 1.4). Secondly, as to whether the Ld. CIT(A) has erred in sustaining disallowance under section 14A read with Rule 8D of Rs. 11,13,374/- being the estimated expenses allegedly incurred in earning the dividend income and capital gains over and above the disallowance already made by the assesee u/s 14A in its return of income

Citation :
Indica Chemical Industries Pvt. Ltd. A-4, Greater Kailash Part-1 New Delhi 110 048 PAN – AAACI0233Q (Appellant) Vs. Addl. CIT Range – 11 C.R. Building New Delhi. (Respondent)