https://www.taxtmi.com/caselaws?id=760092 The ITAT Mumbai set aside the CIT(A)'s order disallowing out-of-court settlement amount and legal fees paid by a stock broker for defending a criminal complaint. The assessee failed to establish that the expenditure was allowable civil expenditure under the Act, lacking supporting evidence regarding the FIR and criminal case details. The matter was restored to the AO for fresh decision on merits, with directions to provide adequate hearing opportunity to the assessee and allow submission of relevant information and evidence. The appeal was allowed for statistical purposes. en-us Tue, 23 Jan 2024 00:00:00 +0530 Wed, 16 Oct 2024 08:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760092 The ITAT Mumbai set aside the CIT(A)'s order disallowing out-of-court settlement amount and legal fees paid by a stock broker for defending a criminal complaint. The assessee failed to establish that the expenditure was allowable civil expenditure under the Act, lacking supporting evidence regarding the FIR and criminal case details. The matter was restored to the AO for fresh decision on merits, with directions to provide adequate hearing opportunity to the assessee and allow submission of relevant information and evidence. The appeal was allowed for statistical purposes. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760092