https://www.taxtmi.com/caselaws?id=373900 The ITAT allowed the deduction of U.S. $13,27,609 under section 48(i) of the Income Tax Act, 1961, in favor of the assessee, as the expenses incurred were deemed to be wholly and exclusively related to the transfer of shares of the Indian subsidiary. The ITAT found that the legal and professional services obtained by the assessee were directly connected to the share transfer, despite minor discrepancies in documentation, and overturned the disallowance made by the AO and upheld by the CIT (A). en-us Fri, 18 Jan 2019 00:00:00 +0530 Mon, 21 Jan 2019 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373900 The ITAT allowed the deduction of U.S. $13,27,609 under section 48(i) of the Income Tax Act, 1961, in favor of the assessee, as the expenses incurred were deemed to be wholly and exclusively related to the transfer of shares of the Indian subsidiary. The ITAT found that the legal and professional services obtained by the assessee were directly connected to the share transfer, despite minor discrepancies in documentation, and overturned the disallowance made by the AO and upheld by the CIT (A). Case-Laws Income Tax Fri, 18 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373900