ITAT on Eligibility of Education expenses by company for its Director

Advertisement DCIT Vs Toshvin Analytical Private Limited (ITAT Mumbai) Conclusion: Expenditure incurred by assessee on education of director was incurred in furtherance of assessee’s business interest and hence, allowable. Held: Education expenses had been incurred in relation to knowledge enhancement of the key personnel of assessee-company and the director was liable to refund the said expenditure in case of breach of various terms of agreement. The expenditure was duly authorized by Board of Directors of the assessee company. The offer letters of the concerned universities offering the...