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TMI Blog2012 (3) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... ture, it has been held, cannot be regarded as wholly and exclusively incurred for the purpose of business - Appeal is dismissed - ITA 150/2012 - - - Dated:- 12-3-2012 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V. EASWAR, JJ. For Appellant: Mr. Piyush Kaushik, Adv. For Respondent: Ms. Suruchi Aggarwal, sr. standing counsel SANJIV KHANNA, J: (ORAL) CM No.3682 3683 of 2012 (Delay) These are applications for condonation of delay in filing and re-filing of the appeal. Ld. sr. standing counsel for the Revenue has no objection if the delay is condoned. Accordingly, the delay in filing and re-filing of the appeal is condoned. Applications are disposed of. ITA 150/2012 1. NATCO Exports Pvt. Ltd. in this appeal under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business, except to set aside all the orders and remand the matter to the AO for fresh consideration without answering questions of law framed herein, keeping open all the contentions since the order of dismissal is in the nature of best judgment assessment. 3. Section 37 of the Act postulates that expenditure which is wholly and exclusively incurred for the purpose of business can be allowed as a deduction in computing the taxable business income. The twin conditions must be satisfied. The onus is on the assessee to show and establish that the twin conditions are satisfied. Personal expenses cannot be claimed under Section 37 of the Act. 4. In the present case, the findings recorded by the CIT(Appeals) read as under: - 3.2 I have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tomatically cease to be the director of appellant company as and when the property is released from mortgage of the Bank meaning thereby that Sh. Naresh Inderpal Singh has no say in the day-to-day running of the appellant company. Ms. Ruchika Grover did Commerce from one of the very reputed institution of Delhi University is concerned and if the argument of the appellant company that higher studies shall benefit the appellant company then the same reasoning is applicable as far as doing graduation from Delhi University and the appellant or for that matter all other assessees doing business shall start taking the plea that the studies are in connection with the business and hence to be allowed as business expenditure . 3.2.1 The case laws ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Ms. Ruchika Grover. This ground of appeal is taken as rejected accordingly . 5. The aforesaid findings are findings of fact and have been upheld by the Tribunal. We may also note that in the present case Ruchika Grover had not executed any bond that she would work for the appellant company after she completes the course and on failure shall return the money spent. The findings of the Tribunal clearly show that Ruchika Grover, who had completed her graduation in the year 2005 and immediately thereafter applied for further studies in University of Nottingham in United Kingdom. It is a case where she continued with her studies. The said application for undertaking the studies abroad was made even prior to her completing the course. The all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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