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Stamp Duty Not Business Expense; Must Be Paid Under Bombay Stamp Act, Allowed as Revenue Expenditure Per IT Act 1961.
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....Disallowance of stamp duty expenses - The payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income Tax Act, 1961 - whole expenditure allowed as revenue expenditure - HC....