https://www.taxtmi.com/caselaws?id=431888 The Tribunal allowed the appeal, holding that the expenses of Rs. 25,92,818 were allowable transfer expenses under Section 48 of the Income Tax Act. The expenses incurred for seeking management consultancy for the transfer of shares were deemed deductible as they were genuinely incurred and paid for the exclusive purpose of the share sale. The Tribunal emphasized that once expenditure is genuinely incurred, authorities cannot question its commercial expediency. The Assessing Officer and the Commissioner of Income Tax (Appeals) were found to have erred in disallowing the expenses. en-us Tue, 13 Dec 2022 00:00:00 +0530 Thu, 22 Dec 2022 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431888 The Tribunal allowed the appeal, holding that the expenses of Rs. 25,92,818 were allowable transfer expenses under Section 48 of the Income Tax Act. The expenses incurred for seeking management consultancy for the transfer of shares were deemed deductible as they were genuinely incurred and paid for the exclusive purpose of the share sale. The Tribunal emphasized that once expenditure is genuinely incurred, authorities cannot question its commercial expediency. The Assessing Officer and the Commissioner of Income Tax (Appeals) were found to have erred in disallowing the expenses. Case-Laws Income Tax Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431888