9911796707
TMI Blog2015 (11) TMI 1509X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the income generated by the assessee, we are of the considered view that the expenses incurred by the assessee to the tune of 15,02,047/- towards overseas travels is quiet reasonable. Moreover it is evident that the assessee had purchased the foreign currency and no portion of the same is surrendered. From the meager amount of 15,02,047/- incurred towards foreign travel expenditure it cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal, however the crux of the issue is that the Assessee is aggrieved by the order of the Ld. CIT (A), who had upheld the order of the Ld. Assessing Officer for disallowing 25% of the foreign Travel expenses amounting to ₹ 3,75,212/-. 3. The brief facts of the case are that the assessee is a company, engaged in the business of manufacturing and exporting of shoes and shoe upper, filed its re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eed for the disallowance of 25% of the foreign exchange purchased. 4. Before us, the Ld. A.R. submitted that the assessee had not agreed for the addition either before the Ld. Assessing Officer or before the Ld. CIT (A). Instead it was argued before the Revenue that the overseas expense incurred by the assessee was genuine and deduction may be granted for the same. Ld. A.R. further submitted befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the assessee, we are of the considered view that the expenses incurred by the assessee to the tune of ₹ 15,02,047/- towards overseas travels is quiet reasonable. Moreover it is evident that the assessee had purchased the foreign currency and no portion of the same is surrendered. From the meager amount of ₹ 15,02,047/- incurred towards foreign travel expenditure it cannot be pre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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