https://www.taxtmi.com/caselaws?id=313413 The Tribunal partly allowed the assessee's appeals, permitting certain deductions for professional and legal expenses under section 48(i) of the Income Tax Act, specifically for services directly connected to the transfer of shares. However, the Tribunal dismissed the challenge against interest charged under section 234C and rejected the claim that the transaction was a family settlement exempt from capital gains tax. The Tribunal upheld the CIT(A)'s decisions on specific deductions but found no merit in the assessee's arguments regarding the family settlement and interest charges. Revenue's appeals were dismissed, affirming the CIT(A)'s partial allowance of deductions. en-us Fri, 08 Feb 2013 00:00:00 +0530 Fri, 12 Apr 2024 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313413 The Tribunal partly allowed the assessee's appeals, permitting certain deductions for professional and legal expenses under section 48(i) of the Income Tax Act, specifically for services directly connected to the transfer of shares. However, the Tribunal dismissed the challenge against interest charged under section 234C and rejected the claim that the transaction was a family settlement exempt from capital gains tax. The Tribunal upheld the CIT(A)'s decisions on specific deductions but found no merit in the assessee's arguments regarding the family settlement and interest charges. Revenue's appeals were dismissed, affirming the CIT(A)'s partial allowance of deductions. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313413