Expenditure incurred on Foreign Travel by Director of Company to run Business allowable as Revenue Expenditure: ITAT grants Relief to Serum Institute of India [Read Order]

By Taxscan Team - On October 29, 2022 3:31 pm - 2 mins read
foreign travel - business - revenue expenditure - ITAT - Serum Institute of India - taxscan

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to Serum Institute of India by allowing the expense incurred on foreign travel of the director and his wife of the company for purpose of running the business as revenue expenditure. During the course of assessment proceedings, the Assessing Officer found that…

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