The Delhi Bench of the ITAT allowed the expenses incurred during

The Delhi Bench of the ITAT allowed the expenses incurred during

The Delhi Bench of the ITAT allowed the expenses incurred during the transfer of shares by observing that the expenses incurred by the assessee are allowable transfer expenses under Section 48 of the Income Tax Act, and that both lower authorities made an error in disallowing the expenses incurred by the assessee by relying on the decision the Hon’ble jurisdictional Delhi High Court in the case of Kausaiya Devi Vs CIT ITA No 600/2004 had held that once the amount is spent and paid, the authorities cannot decide commercial expediency by putting themselves in the arm chair of the assessee to examine and consider whether they would have or the assessee should have incurred the said expenditure including the quantum having regard to the circumstances. (Pallav Pandey vs ACIT)



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