https://www.taxtmi.com/caselaws?id=793038 A 10% safe harbour under Rule 11UA deems the issue price to be fair market value where its variation from valuation remains within the permitted margin, preventing an addition under section 56(2)(viib). The curative amendment was treated as retrospectively applicable. Legal and professional charges incurred for due diligence, advisory services, meetings, and drafting or vetting agreements in connection with business and fund-raising are revenue expenditure where they create neither a capital asset nor an enduring capital advantage. Such expenditure is allowable under section 37(1), and the addition and disallowance were deleted. en-us Fri, 05 Jun 2026 00:00:00 +0530 Sat, 06 Jun 2026 13:08:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793038 A 10% safe harbour under Rule 11UA deems the issue price to be fair market value where its variation from valuation remains within the permitted margin, preventing an addition under section 56(2)(viib). The curative amendment was treated as retrospectively applicable. Legal and professional charges incurred for due diligence, advisory services, meetings, and drafting or vetting agreements in connection with business and fund-raising are revenue expenditure where they create neither a capital asset nor an enduring capital advantage. Such expenditure is allowable under section 37(1), and the addition and disallowance were deleted. Case-Laws Income Tax Fri, 05 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793038