https://www.taxtmi.com/caselaws?id=331843 The Tribunal partially allowed the appeal regarding disallowance of consultancy charges paid to a legal advisor firm. The disallowance of Rs. 2,01,400 was confirmed due to lack of details, but the balance of Rs. 1 crore was allowed as a revenue expense. The Tribunal emphasized that expenses incurred after the business was set-up were allowable, regardless of when investments were made. The consultancy charges for due diligence were considered part of ordinary business activities and were allowed as revenue expenses. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sat, 03 Sep 2016 09:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331843 The Tribunal partially allowed the appeal regarding disallowance of consultancy charges paid to a legal advisor firm. The disallowance of Rs. 2,01,400 was confirmed due to lack of details, but the balance of Rs. 1 crore was allowed as a revenue expense. The Tribunal emphasized that expenses incurred after the business was set-up were allowable, regardless of when investments were made. The consultancy charges for due diligence were considered part of ordinary business activities and were allowed as revenue expenses. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331843