ITAT allows foreign travel expenses for board meetings in Singapore

ACIT Vs Sponge Tata Iron Limited (ITAT Cuttack) The case of ACIT vs. Sponge Tata Iron Limited, heard at ITAT Cuttack, revolves around the disallowance of Rs.35,32,211/- incurred on foreign travel expenses. The Assessing Officer (AO) raised objections regarding the necessity of conducting board meetings in Singapore instead of India. This article delves into the arguments presented and the decision reached by the appellate authority. During the assessment proceedings, the AO noted that Sponge Tata Iron Limited (STIL) had claimed expenses related to foreign travel of its directors to Singapore f...