DANI SHARES & STOCK P.LTD,MUMBAI vs. ITO 4(1)(2), NAVI MUMBAI
In the result, the appeal of the assessee is dismissed
ITA 2425/MUM/2012[2002-03]Status: DisposedITAT Mumbai03 Dec 2015AY 2002-03
Bench: S/Shri B.R.Baskaran & Shri Sandeep Gosainआयकर अपीऱ सं./I.T.A. No.2425/Mum/2012 (निर्धारण वर्ा / Assessment Year :2002-03) M/S Dani Shares & Stocks बिधम/ Income Tax Officer, Pvt Ltd., Ward 4(1)(2), Vs. 12, Oricon House, Aayakar Bhavan, 14, K Dubash Marg, M K Road, Kala Ghoda, Fort, Mumbai-400020 Mumbai-400001 स्थायी ऱेखा सं./ Pan : Aabcg1670N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. अपीऱाथी की ओर से / Appellant By : Shri Sanjay Parikh प्रत्यथी की ओर से/ Respondent By : Mrt.Anu K Aggarwal सुनवाई की तारीख / Date Of Hearing :3.12.2015 घोषणा की तारीख /Date Of Pronouncement :3.12.2015 O R D E R Per B.R.Baskaran,Am: The Assessee Has Filed This Appeal Challenging The Order Dated 11.01.2012 Passed By Ld Cit(A) For Assessment Year 2002-03 In Respect Of The Following Two Issues:- (A) Disallowance Of 10% Of Foreign Travel Expenses (B) Disallowance Of Medical Expenses Incurred On The Father Of The Director. 2. We Heard The Parties & Perused The Record. The Assessee Company Is A Member Of Bse, Engaged In The Business Of Share Trading, Broking & Investments. The First Issue Relates To The Disallowance Made
For Appellant: Shri Sanjay ParikhFor Respondent: Mrt.Anu K Aggarwal
…lowed balance amount of claim. 3. The Ld A.R submitted that the assessee is a company and hence the question of personal expenses does not arise in case of companies. In this regard, the assessee placed reliance on the decisions reported in 86 ITD 135(TM) and 135 ITD 270. However, we notice that the assessee has admitted that 10% of foreign travel expenses as related to the personal expenses of the directors, meaning thereby, the expenses to that extent could not be considered as having laid out for the purposes of business. Hence, we are of the view that the Ld CIT(A) was justified in sustaining the disallowance…
