2002 (11) TMI 15

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er the Income-tax Act is the appellant. It is a company incorporated with the main object of conducting chitties and kuries and lending money on interest. In the assessment of the appellant for the year 1994-95, the Assessing Officer disallowed two sums of Rs. 4,42,972 and Rs. 1,21,875 claimed by them towards director's travelling allowance and kuri canvassing commission, respectively. The first a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppeal, the first appellate authority sustained the disallowance only to the extent of Rs. 21,875. The Tribunal upheld the order of the first appellate authority. We have heard Shri P. Balachandran, learned counsel appearing for the appellant, and also Shri P.K.R. Menon, senior standing counsel for the Revenue. Regarding the disallowance of travelling expenses, the Tribunal has found that the appe....