https://www.taxtmi.com/caselaws?id=214635 The Tribunal partly allowed the appeal by upholding the disallowance under Rule 8D(2)(iii) of the Income Tax Act but not under Rule 8D(2)(ii). Foreign travel expenses were disallowed, specifically for the Director's wife and advance bookings. However, the penalty paid to SEBI was allowed as a deduction, as it was deemed to be incurred in the natural course of business. en-us Wed, 30 May 2012 00:00:00 +0530 Tue, 03 Jul 2012 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214635 The Tribunal partly allowed the appeal by upholding the disallowance under Rule 8D(2)(iii) of the Income Tax Act but not under Rule 8D(2)(ii). Foreign travel expenses were disallowed, specifically for the Director's wife and advance bookings. However, the penalty paid to SEBI was allowed as a deduction, as it was deemed to be incurred in the natural course of business. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214635