Dismissing the appeal the Court held that The Tribunal was right in law in confirming the order of the lower authorities to the effect that the expenses incurred on foreign travel claimed by the assessee under section 37 (1) of the Income-tax Act, 1961 were to be restricted to one fifth of the total amount claimed. (AY. 2005-06)
P. Amarnath Reddy v. ACIT (2021) 435 ITR 176/ 281 Taxman 411 (Mad.)(HC)
S. 37(1) : Business expenditure-Foreign travel expenses-Personal in nature-Disallowance is held to be justified.