TaxTMI 
TaxTMI 
2016 (9) TMI 1061
X X X X Extracts X X X X
X X X X Extracts X X X X
.... filed by the assessee against the order by the ld. CIT(A)-8, Mumbai dated 26.02.2013 for the assessment year (A.Y.) 2009-10. In this appeal, the assessee is aggrieved for disallowance of legal expenditure of Rs. 40,72,750/- and travelling, hotel expenditure of Rs. 14,93,188/-. 2. Rival contentions having been heard and record perused. Facts in brief are that the assessee debited an amount of Rs.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....courts viz., District Court, High Court, Supreme Court. The appellant paid fees to the advocates and other expenses incurred. The details of such expenses were furnished by the assessee to the Assessing Officer. The assessee argued before the Assessing Officer that the expenditure was incurred to protect his business interest and, therefore, the same should be fully allowable u/s.37(1) of the Act.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ctor of various limited companies has earned professional fees for the services rendered to these companies. He was a director of Nagarjuna Finance Limited (NFL) from 14-12-1982 to 28-04-1999. The assessee has earned professional income during all the years, he was, a director of NFL. The details of professional income earned during the said years are given in annexure 'A' which is placed on recor....
X X X X Extracts X X X X
X X X X Extracts X X X X
....agarjuna Finance Limited. The Andhra Pradesh Government had since filed suit against directors of Nagarjuna Finance Limited including Mr. Kampani. To defend himself, Mr. Kampani has appointed various advocates to represent his case before various courts viz, District Court, High Court of Andhra Pradesh, Supreme Court of India. As the expenditure is incurred to protect his business interest the sam....