https://www.taxtmi.com/caselaws?id=788474 Expenditure incurred wholly and exclusively in connection with the transfer of shares is deductible under Section 48 of the Income-tax Act, 1961, where the shareholder can show a direct nexus with the sale. Proportionate IPO expenses apportioned to a selling shareholder participating in an OFS were treated as allowable because the record showed that the shareholder bore the expenses, the net sale proceeds reflected the deduction, and comparable claims had been accepted in similar assessments. PMS expenses reflected in net proceeds were also treated as connected with the share transfers and allowable to the extent supported by the assessment record. en-us Tue, 10 Mar 2026 00:00:00 +0530 Mon, 23 Mar 2026 08:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788474 Expenditure incurred wholly and exclusively in connection with the transfer of shares is deductible under Section 48 of the Income-tax Act, 1961, where the shareholder can show a direct nexus with the sale. Proportionate IPO expenses apportioned to a selling shareholder participating in an OFS were treated as allowable because the record showed that the shareholder bore the expenses, the net sale proceeds reflected the deduction, and comparable claims had been accepted in similar assessments. PMS expenses reflected in net proceeds were also treated as connected with the share transfers and allowable to the extent supported by the assessment record. Case-Laws Income Tax Tue, 10 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788474