https://www.taxtmi.com/caselaws?id=215989 The Tribunal allowed the appeals filed by the assessees, overturning the disallowance of the claim of expenditure by the Assessing Officer and CIT (Appeals). The Tribunal held that the expenses incurred for the IPO were in connection with the sale of shares by the assessees, who were entitled to claim deduction under Section 48 of the Income-tax Act. The Tribunal found that the assessees had fulfilled the conditions for claiming the deduction and had provided sufficient evidence to support their claim, leading to the deletion of the disallowance. en-us Thu, 10 May 2012 00:00:00 +0530 Fri, 17 Aug 2012 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215989 The Tribunal allowed the appeals filed by the assessees, overturning the disallowance of the claim of expenditure by the Assessing Officer and CIT (Appeals). The Tribunal held that the expenses incurred for the IPO were in connection with the sale of shares by the assessees, who were entitled to claim deduction under Section 48 of the Income-tax Act. The Tribunal found that the assessees had fulfilled the conditions for claiming the deduction and had provided sufficient evidence to support their claim, leading to the deletion of the disallowance. Case-Laws Income Tax Thu, 10 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215989