2. State with reasons whether the following expenses are admissible as deduction while computing “Profits and Gains from Business or Profession”
(a) Travelling expenses of Rs. 20,000/- incurred by a director on a tour to U.S.A in connection with negotiation of purchase of a new machinery.
(b) Interest paid to bank Rs. 15,000/- in connection with overdraft obtained for paying dividend.
(c) Rs.20,000/- were spend in the previous in connection with statutory income tax proceedings.
(d) An expenditure of Rs. 20,000/- incurred towards cost of neon signs fixed on office premises for advertising the products of the assessee
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