https://www.taxtmi.com/caselaws?id=364872 The ITAT directed the AO to allow the entire claim of Rs. 10.20 Lakhs under Section 37(1) as the expenditure was deemed wholly and exclusively for business purposes. Additionally, the ITAT upheld the CIT(A)'s decision to enhance the assessed income by disallowing the loss claimed on the valuation of shares, affirming that the shares were acquired as an investment and not stock in trade, and thus should not impact business profits. en-us Fri, 03 Aug 2018 00:00:00 +0530 Mon, 06 Aug 2018 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364872 The ITAT directed the AO to allow the entire claim of Rs. 10.20 Lakhs under Section 37(1) as the expenditure was deemed wholly and exclusively for business purposes. Additionally, the ITAT upheld the CIT(A)'s decision to enhance the assessed income by disallowing the loss claimed on the valuation of shares, affirming that the shares were acquired as an investment and not stock in trade, and thus should not impact business profits. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364872