Initial Public Offer expense allowed u/s. 48(i) proportionate to shareholding

Zarah Rafique Malik Vs ITO (ITAT Mumbai) ITAT Mumbai held that the assessee is eligible for claiming Initial Public Offer i.e. [IPO] expenses proportionate to the shareholding in terms of clause (i) of section 48 of the Income Tax Act. Accordingly, the appeal is allowed to that extent. Facts- The case of the assessee was selected for scrutiny assessment and disallowance of Initial Public Offer expenses and Portfolio Management Services expenses were made. The appellant-assessee challenged the order dated 15.07.2025 passed by the ITO (IT) Ward 3(2)(1), Mumbai u/s.143(3) r.w.s. 144C(13) of the ...