11 July 2012
Whether the following expenses incurred in case of Pvt Ltd. Co.are allowable as per I t Act or not as under:-
i) Interest on CENVAT taken on Capital Goods which were wrongly availed & reversed in Excise Records as per law but not utilized till date.
ii) Foreign Travelling Expenses incurred related to Consultant who also went with Director of Co to Taiwan (China) for Machinery inquiry purposes but the same could not be materialized.
11 July 2012
FTE may be allowable because it has a direct nexus with business activities ... but since these incurred for procurement of capital euuipment, but not materialized hence ambiguity avbl... wait for other views... reg- lokesh
CAclubindia
