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No disallowance of foreign travel exp. of partners who travelled to Countries from which sizeable business generated

February 17, 2017[2017] 78 107 (Mumbai - Trib.)/[2017] 163 ITD 56 (Mumbai - Trib.)

IT : Where assessee was following mercantile system of accounting, it was justified in claiming loss incurred on account of short realisation of export proceeds at end of relevant year even though realisation of said proceeds took place in subsequent assessment year

IT : Expenditure incurred by partners of assessee-firm on foreign travel to countries from which substantial business was generated, was to allowed as deduction under section 37(1)

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