https://www.taxtmi.com/caselaws?id=56722 The ITAT partially allowed the appeal, overturning the disallowances related to the foreign tour and expenses incurred by another company, while confirming the disallowance of registration fees and interest levy. The tribunal held that the expenditure on the foreign tour was incurred wholly and exclusively for business purposes, securing finance for industrial development. The disallowed expenses incurred by another company were considered revenue expenditure in line with forming and promoting companies. However, the registration fees for an increase in authorized capital were deemed capital-related and not allowed as a deduction. en-us Thu, 21 Apr 1983 00:00:00 +0530 Mon, 06 Dec 2010 14:27:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56722 The ITAT partially allowed the appeal, overturning the disallowances related to the foreign tour and expenses incurred by another company, while confirming the disallowance of registration fees and interest levy. The tribunal held that the expenditure on the foreign tour was incurred wholly and exclusively for business purposes, securing finance for industrial development. The disallowed expenses incurred by another company were considered revenue expenditure in line with forming and promoting companies. However, the registration fees for an increase in authorized capital were deemed capital-related and not allowed as a deduction. Case-Laws Income Tax Thu, 21 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56722