2014 (4) TMI 694

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....UDGEMENT We have heard learned counsel for the parties. By consent, the appeal is heard for final disposal at the stage of admission. 2. This appeal is directed against the order dated 20.09.2013 passed by the Income Tax Appellate Tribunal, Bangalore Bench 'A', whereby ITA No. 1061/ Bang/2012, pertaining to Assessment Year 2009-10, has been disposed of confirming the orders passed by the Fir....

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.... transfer of a long term capital asset has been met and the expenditure claimed is intrinsically linked with and therefore incidental to the transfer of shares? 3. Mr. B.S. N. Prasad, learned counsel for the appellant, at the outsell, submitted that the Tribunal while considering the appeal on merits proceeded on the wrong assumption that the appellant had claimed deduction of Rs. 20,97, 600/- ....

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....efore, it is a business expenditure u/s 37 of the Income tax Act and has to be allowed as such. However, the Assessing Officer observed that no trust has been set up by the seller but only has deposited the amount into a separate bank account. He held that as the condition of the agreement is not fulfilled, the purpose and utilization of the contribution remained doubtful and hence, cannot be allo....

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.... the following order: ORDER • The order dated 20.09.2013 is set aside and the ITA No. 1061/Bang/2012 is restored to file. The Tribunal shall consider the appeal afresh on merits in accordance with law. • It is made clear that it would not be open to the appellant- assesse to claim deduction under Section 37 of the Act before the Tribunal. In others words, the Tribunal ....