Expense on Foreign Tours not out of business exigency not allowable

HIGH COURT OF CALCUTTA Peerless General Finance & Investment Co. Ltd. versus Commissioner of Income-tax, W.B.-I, Kolkata IT Appeal No. 302 of 2003 May 17, 2012 ORDER K.J. Sengupta, J  This appeal is at the instance of the assessee Peerless General Finance & Investment Co. Limited against the judgment and order of ‘E’ Bench of the learned Tribunal dated 30th of June, 2003 in relation to assessment year 1993-94. This appeal was admitted by an order of this Court dated 15th January, 2004 on the following substantial questions of law:-  “I.  Whether o...