Expences on foreign tours u/s.37(3) of Income tax .Act,1961.

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.... director of a company or partner of a firm or an employee is not being treated uniformly. Hence the legal position relating to the subject is being restated as under: 2. Ordinarily, the objects for which the director, partner, proprietor or an employee undertakes a tour of foreign countries as under:- i) To study the latest developments in the particular industry associated with the busines....

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....diture of the type mentioned in item (2) above would not qualify for deduction. 4. When the foreign tour is undertaken to study the new techniques or developments of the industry abroad or to participate in a seminar conference either on behalf of the assessee or the local association, there is no asset as such brought into existence; on the other hand, the knowledge gained by the foreign tour ....