https://www.taxtmi.com/caselaws?id=451228 The ITAT Mumbai held that lease rental expenses incurred for completing property transfer under a slump sale scheme are deductible while computing capital gains under section 48(1). The tribunal ruled that when expenses are incurred to effectuate transfer as per NCLT-approved scheme arrangements, they must be allowed as transfer expenditure. Additionally, stamp duty and registration charges were held deductible for computing gains from port business demerger, despite CIT(A)'s denial on technical grounds. The tribunal emphasized that crystallized expenses related to transfer cannot be denied on hyper-technical reasons when facts are undisputed. Revenue's appeal was dismissed and assessee's cross-objection allowed. en-us Wed, 20 Mar 2024 00:00:00 +0530 Fri, 22 Mar 2024 08:37:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451228 The ITAT Mumbai held that lease rental expenses incurred for completing property transfer under a slump sale scheme are deductible while computing capital gains under section 48(1). The tribunal ruled that when expenses are incurred to effectuate transfer as per NCLT-approved scheme arrangements, they must be allowed as transfer expenditure. Additionally, stamp duty and registration charges were held deductible for computing gains from port business demerger, despite CIT(A)'s denial on technical grounds. The tribunal emphasized that crystallized expenses related to transfer cannot be denied on hyper-technical reasons when facts are undisputed. Revenue's appeal was dismissed and assessee's cross-objection allowed. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451228