https://www.taxtmi.com/caselaws?id=210342 The Appellate Tribunal ITAT, Chennai, partially allowed the appeal concerning the assessment for the year 2008-09 under section 263 of the Income-tax Act, 1961. The Tribunal upheld the exclusion of post-acquisition expenses from the acquisition cost but deemed the exclusion of advocate fees and brokerage unjustified. It ruled against the initiation of penalty proceedings under section 271(1)(c) as improper, finding no grounds for penalty due to the expenses being claimed in good faith. The decision was pronounced on June 7, 2011, in Chennai. en-us Tue, 07 Jun 2011 00:00:00 +0530 Wed, 26 Jun 2013 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210342 The Appellate Tribunal ITAT, Chennai, partially allowed the appeal concerning the assessment for the year 2008-09 under section 263 of the Income-tax Act, 1961. The Tribunal upheld the exclusion of post-acquisition expenses from the acquisition cost but deemed the exclusion of advocate fees and brokerage unjustified. It ruled against the initiation of penalty proceedings under section 271(1)(c) as improper, finding no grounds for penalty due to the expenses being claimed in good faith. The decision was pronounced on June 7, 2011, in Chennai. Case-Laws Income Tax Tue, 07 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210342