Tag Archives: Disallowed

Cash purchase of jewellary disallowed as assessee failed to prove compulsion : HC

By | March 29, 2019

Issue The Assessing Officer observed that the assessee had purchased gold jewellery worth Rs.34.68 Crores by way of cash in the auction conducted by M/s.Manapuram Finance Ltd. The assessess stated that a group of bidders formed a syndicate and participated in the auction and after successful bidding, money from the prospective purchasers are collected and… Read More »

Foreign traveling expenses of Director Wives Disallowed

By | November 4, 2016

Facts of the case The assessee claimed an amount of Rs. 2,24,204/- as foreign traveling expenses in respect of its Directors’ wives who traveled with the Directors while they were on business tours. The Assessing Officer noted that the assessee had given a note in the auditors report that this expenditure was incurred under the… Read More »