https://www.taxtmi.com/circulars?id=8712 Admissibility of foreign tour expenses for directors, partners, proprietors or employees depends on whether the tour creates a capital asset or is revenue in nature; trips to acquire machinery or establish new undertakings are capital and not deductible, whereas tours to study industry developments or attend conferences yield knowledge enhancing business profitability and may be allowed as revenue deductions, subject to applicable prescribed limits on travel expenditure. en-us Mon, 13 Jul 1970 00:00:00 +0530 Wed, 25 May 2011 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8712 Admissibility of foreign tour expenses for directors, partners, proprietors or employees depends on whether the tour creates a capital asset or is revenue in nature; trips to acquire machinery or establish new undertakings are capital and not deductible, whereas tours to study industry developments or attend conferences yield knowledge enhancing business profitability and may be allowed as revenue deductions, subject to applicable prescribed limits on travel expenditure. Circulars Income Tax Mon, 13 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8712