Foreign Travel Expenses to secure Capital Investment cannot be allowed as Business Expenditure: ITAT [Read Order]

Foreign Travel Expenses - Capital Investment - Business Expenditure - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the foreign travel expenses relating to secure the capital investment in the business cannot be allowed as expenditure for the purpose of sections 30 to 38 of the Income Tax Act, 1961. The assessee, M/s. Balkrishna Live Stock Breeders Pvt. Ltd, travelled to foreign…

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