https://www.taxtmi.com/caselaws?id=758033 The ITAT Bangalore allowed the assessee's appeal regarding professional charges paid to Graymatter Solutions LLC, USA for identifying healthcare technology companies for potential acquisition. The tribunal held these expenses as revenue expenditure, not capital, relying on On mobile Global Ltd. precedent, despite the acquisition not materializing. The tribunal noted the expenses were legitimately incurred and reflected in financial statements for AY 2016-17. Additionally, the disallowance under section 14A was set aside as the assessee received no exempt income during the relevant period. en-us Tue, 30 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758033 The ITAT Bangalore allowed the assessee's appeal regarding professional charges paid to Graymatter Solutions LLC, USA for identifying healthcare technology companies for potential acquisition. The tribunal held these expenses as revenue expenditure, not capital, relying on On mobile Global Ltd. precedent, despite the acquisition not materializing. The tribunal noted the expenses were legitimately incurred and reflected in financial statements for AY 2016-17. Additionally, the disallowance under section 14A was set aside as the assessee received no exempt income during the relevant period. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758033